New Hampshire Residents Receive Lottery Gambling Tax Relief
Gambling residents in New Hampshire will be able to rest easier starting on Monday. A ten percent tax on all lottery gambling winnings will be eliminated at the stroke of midnight tonight, possibly causing an increase in lottery sales in the coming weeks.
Back in 2009, with the economic recession ravaging the US, New Hampshire lawmakers created a bill that imposed a ten percent tax on all winnings above $600. The tax bill did not go over well with residents, who felt they were already contributing to the state by buying the lottery tickets.
Now, with the economy stabilizing, current legislators decided it was time to end the tax on the lottery winnings. The bill to repeal the tax will go into effect on Monday, and it has many residents in New Hampshire thinking about a future of big winnings without having to give any back.
"I thought it was a dumb law in the first place, and I'm glad they (lawmakers) were smart enough to overturn it," said Marcia Paulino. "My friend just hit a jackpot late last year and she had to give back over $200. It was ridiculous, but at least now it won't happen to other people."
Along with the new tax law, the lottery will unveil a new scratch off ticket. The new game will be called $250,000 Tax Free. The winner of the biggest prize in the new game will not only be free from state taxes, but New Hampshire will also be picking up the tab on the federal taxes from the winning ticket. That means that the winner is assured the full $250,000 grand prize.
Residents will not be able to buy the ticket until June 6th. Until then, anyone wishing to purchase the instant ticket can do so at the lottery headquarters. Gamblers who go buy tickets for the new game on Monday will receive a buy one, get one free promotion. Part of the festivities at the headquarters will include a Tax Repeal Tea Party.
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