SB609

Establishes the Virginia Lottery and Gaming Authority, defines key terms, and outlines prohibited acts.

Virginia SB609 establishes the Virginia Lottery and Gaming Authority, providing definitions for key terms and outlining prohibited acts. It details tax rates on adjusted gross receipts, with a six percent tax on the first $200 million, a seven percent tax on the next $200 million, and an eight percent tax on amounts exceeding $400 million. The bill specifies how revenues are apportioned, including distributions to the Gambling Treatment and Support Fund, Family and Children's Trust Fund, and School Construction Fund.