Section 481.100.52. Exceptions for an annual raffle.

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A fair sponsor or a qualified organization, but not both, may hold one raffle per calendar year at a fair for which the cost per chance or ticket is unlimited and for which cash prizes may be awarded.
100.52(1) The value of prizes in this raffle shall be greater than $1,000. The value is the purchase price paid by the fair sponsor or qualified organization.
100.52(2) The conductor of the game shall deduct state income tax from cash prizes in excess of $600. Tax withheld shall be remitted to the department of revenue on behalf of the winner. See Iowa department of revenue 701—subrule 46.1(1). The deduction of 20 percent federal withholding taxes on all cash prizes over $1,000 is also required and shall be remitted to the Internal Revenue Service.

                    
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