This bill amends the Code of West Virginia to modify the percentage of gross terminal income that the commission deposits into the State Lottery Fund for administrative costs. Currently, the commission deposits a flat rate of 2% of gross terminal income. The new provisions will establish a tiered system starting July 1, 2026, where the commission will deposit 2% if the gross terminal income from the previous fiscal year is between $0 and $300 million, 1.5% if it is between $300 million and $400 million, and 1% if it exceeds $400 million.

Additionally, the bill includes a provision that allows for the accumulation of surplus funds up to $250,000, with any excess being reported to the Joint Committee on Government and Finance and remitted to the State Treasurer. The bill also clarifies the calculation of gross profits by referencing the new tiered deposit structure. Overall, the purpose of this bill is to adjust the funding mechanism for the State Lottery Fund based on the previous year's gross terminal income, potentially reducing the amount allocated for administrative expenses as income increases.

Statutes affected:
Introduced Version: 29-22B-1408