72nd OREGON LEGISLATIVE ASSEMBLY--2003 Regular Session
 
NOTE:  Matter within  { +  braces and plus signs + } in an
amended section is new. Matter within  { -  braces and minus
signs - } is existing law to be omitted. New sections are within
 { +  braces and plus signs + } .
 
LC 579
 
                         Senate Bill 173
 
Printed pursuant to Senate Interim Rule 213.28 by order of the
  President of the Senate in conformance with presession filing
  rules, indicating neither advocacy nor opposition on the part
  of the President (at the request of Governor Theodore R.
  Kulongoski for the Oregon State Lottery)
 
 
                             SUMMARY
 
The following summary is not prepared by the sponsors of the
measure and is not a part of the body thereof subject to
consideration by the Legislative Assembly. It is an editor's
brief statement of the essential features of the measure as
introduced.
 
  Modifies income reporting requirements that apply to Oregon
State Lottery Commission when prize payments are made.
  Applies to lottery prize payments made on or after January 1,
2003.
 
                        A BILL FOR AN ACT
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. + }
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