Senate Bill No. 480
(By Senator Bowman)
____________
[Introduced February 7, 2007; referred to the Committee on the
Judiciary; and then to the Committee on Finance.]
____________
A BILL to amend the Code of West Virginia, 1931, as amended, by
adding thereto a new section, designated §11-21-77a, relating
to authorizing that gambling and lottery winnings are taxable;
authorizing that gambling and lottery losses are tax
deductible; exceptions; and requiring the taxpayer to keep
detailed records showing losses.
Be it enacted by the Legislature of West Virginia:
That the Code of West Virginia, 1931, as amended, be amended
by adding thereto a new section, designated §11-21-77a, to read as
follows:
ARTICLE 21. PERSONAL INCOME TAX.
PART I. GENERAL.
§11-21-77a. Gambling and lottery winnings.
Gambling and lottery winnings shall be taxable. These
consists of gains arising from gambling and lotteries. In calculating gains, the taxpayer may deduct gambling and lottery
losses, but may not deduct the costs and expenses incurred in
connection with the gambling and lottery activity. In addition to
the other record keeping requirements pursuant to this chapter, the
taxpayer shall maintain detailed records substantiating losses.
The taxpayer has the burden of proving losses.
The Tax Commissioner may prescribe all necessary forms and
promulgate such rules as are necessary to carry out and enforce the
provisions of this section.
NOTE: The purpose of this bill is to
authorize that gambling
and lottery winnings are taxable; to authorize that gambling and
lottery losses are tax deductible; exceptions; and to require the
taxpayer to keep detailed records showing losses.
This section
is new; therefore, strike-throughs and
underscoring have been omitted.