This bill amends the apportionment of State lottery contributions, specifically regarding the percentage of proceeds from lottery ticket sales that must be dedicated to the Common Pension Fund L investment account. Under current law, a minimum of 30 percent of these proceeds is required to be allocated to the fund. The new provisions will reduce this minimum to 25 percent, starting with the first fiscal year following the bill's effective date, provided that the average annual total sales and revenues from lottery tickets in that fiscal year are equal to or greater than those from a defined "base fiscal year."

Additionally, the bill establishes a mechanism for adjusting the required dedication percentage based on lottery sales performance over the subsequent three fiscal years. If sales and revenues remain at or above the base fiscal year levels, the 25 percent requirement will remain in effect. Conversely, if they fall below those levels, the dedication will revert to the original 30 percent in the following fiscal year. The bill defines the base fiscal year as the fiscal year in which the bill becomes effective.

Statutes affected:
Introduced: 5:9-7