SENATE BILL 598
54th legislature - STATE OF NEW MEXICO - first session, 2019
RELATING TO PUBLIC FINANCES; ELIMINATING THE THIRTY PERCENT MONTHLY TRANSFER FROM SALE OF LOTTERY GAMES; ALLOWING THE NEW MEXICO LOTTERY AUTHORITY TO TRANSMIT LOTTERY TUITION FUNDS ON A MONTHLY BASIS; SETTING A DEADLINE FOR TRANSFER OF NET REVENUE.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
SECTION 1. Section 6-24-24 NMSA 1978 (being Laws 1995, Chapter 155, Section 24, as amended) is amended to read:
"6-24-24. DISPOSITION OF REVENUE.--
A. As nearly as practical, an amount equal to at least fifty percent of the gross annual revenue from the sale of lottery tickets shall be returned to the public in the form of lottery prizes.
[B. No later than the last business day of each month, the authority shall transmit at least twenty-seven percent of the gross revenue of the previous month until December 31, 2008 and at least thirty percent of the gross revenue of the previous month thereafter to the state treasurer, who shall deposit it in the lottery tuition fund.]
B. The authority shall transmit all net revenue to the state treasurer, who shall deposit it in the lottery tuition fund. Estimated net revenue shall be transmitted monthly to the state treasurer for deposit in the fund; provided that the total amount of annual net revenue for a fiscal year shall be transmitted no later than August 1 following the end of that fiscal year.
C. Operating expenses of the lottery include all costs incurred in the operation and administration of the lottery and all costs resulting from any contracts entered into for the purchase or lease of goods or services required by the lottery, including the costs of supplies, materials, tickets, independent audit services, independent studies, data transmission, advertising, promotion, incentives, public relations, communications, commissions paid to lottery retailers, printing, distribution of tickets, purchases of annuities or investments to be used to pay future installments of winning lottery tickets, debt service and payment of any revenue bonds issued, contingency reserves, transfers to the reserve fund and any other necessary costs incurred in carrying out the provisions of the New Mexico Lottery Act."
SECTION 2. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2019.
- 3 -