§ 58.1-4022.1 — Lottery Proceeds Fund

Virginia § 58.1-4022.1

• Jurisdiction: Virginia
• Title 58.1: TAXATION
• Subtitle IV: OTHER SOURCES OF STATE REVENUE
• Ch. 40: Virginia Lottery Law; Sports Betting
• Art. 1: Powers and Duties of Virginia Lottery Board; Administration of Tickets and Prizes

Text

A. There is hereby created in the state treasury a special nonreverting fund to be known as the Lottery Proceeds Fund, hereafter referred to as the "Fund." The Fund shall be established on the books of the Comptroller and interest earned on moneys in the Fund shall remain in the Fund and be credited to it. Any moneys remaining in the Fund, including interest thereon, at the end of each fiscal year shall not revert to the general fund but shall remain in the Fund. The Fund shall consist of amounts deposited into it from the net revenues of any lottery conducted by the Commonwealth pursuant to Article X, Section 7-A of the Constitution of Virginia.

B. For purposes of any appropriation act enacted by the General Assembly and for the purposes of the Comptroller's preliminary and final annual reports required by § 2.2-813, all deposits to and appropriations from the Lottery Proceeds Fund shall be accounted for and considered to be a part of the general fund of the state treasury.

Legislative History

2000, cc. 622, 713; 2002, cc. 829, 866.