Partial exemption; lottery winnings
Sec. 14.5. The first one thousand two hundred dollars ($1,200) of
prize money received from a winning lottery ticket purchased under
IC 4-30 is exempt from the adjusted gross income tax imposed by
this article. If the amount of prize money received from a winning
lottery ticket exceeds one thousand two hundred dollars ($1,200), the
amount of the excess is subject to the adjusted gross income tax
imposed by this article.
As added by P.L.192-2002(ss), SEC.79.
Last modified: May 28, 2006