This bill amends the apportionment of State lottery contributions, specifically adjusting the required dedication of proceeds from lottery ticket sales to the Common Pension Fund L investment account. Under current law, a minimum of 30 percent of the proceeds must be allocated to this fund. The new provisions will reduce this requirement to a minimum of 25 percent, starting with the first fiscal year following the base fiscal year, which is defined as the fiscal year in which the bill becomes effective.

Additionally, the bill establishes a mechanism for adjusting the percentage based on lottery sales performance over a three-year period. If the average annual total sales and revenues from the three consecutive fiscal years following the base fiscal year are equal to or greater than those from the base fiscal year, the 25 percent requirement will remain in place. Conversely, if the sales and revenues fall below the base fiscal year figures, the dedication will revert to the original 30 percent, effective in the next fiscal year after the shortfall.

Statutes affected:
Introduced: 5:9-7