Chapter 48 Oregon Laws 2003

AN ACT

SB 173

Relating to income reporting forms; creating new provisions; amending ORS 316.194; and prescribing an effective date.

Be It Enacted by the People of the State of Oregon:

SECTION 1. ORS 316.194 is amended to read:

316.194. (1) If a lottery prize payment for a prize is $5,000 or more, and the payment is made to an individual, the Oregon State Lottery Commission shall withhold eight percent of the payment. A payment made to a partnership, estate, trust or corporation shall not be subject to the withholding of tax.

(2) The commission shall pay to the Department of Revenue any amounts withheld under this section in the time and manner provided by the department by rule.

(3) If a prize exceeds $600 [but is less than $5,000], the commission shall provide the prize recipient [a notice of potential tax liability for each prize payment that is made with respect to the prize. Following the conclusion of a year in which a prize payment is made with respect to a prize described in this subsection, the commission shall send to the prize recipient] an income reporting form indicating the amount of the prize payment being made. [A copy of the form shall be provided to the department] At the request of the prize recipient or the department, the commission shall provide the requester a copy of an income reporting form provided under this subsection.

SECTION 2. The amendments to ORS 316.194 by section 1 of this 2003 Act apply to lottery prize payments made on or after January 1, 2003.

SECTION 3. This 2003 Act takes effect on the 91st day after the date on which the regular session of the Seventy-second Legislative Assembly adjourns sine die.

Approved by the Governor April 2, 2003

Filed in the office of Secretary of State April 2, 2003

Effective date November 26, 2003

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