SB 2962 - Mississippi Lottery for Education

• Creates the Mississippi Lottery for Education Act to be administered by the Mississippi Gaming Commission, with lottery tickets sold by authorized retailers and distributors.

• Allocates lottery proceeds as follows: 45% for prize money, a reasonable percentage for commission administration, 4% to participating counties, and remainder to Mississippi's Hope Scholarship Trust Fund.

• Establishes Mississippi's Hope Scholarship Trust Fund to provide tuition scholarships to Mississippi high school graduates with a 3.0 GPA who attend eligible in-state colleges, with annual awards limited to investment earnings on fund balance.

• Restricts lottery ticket sales to persons age 18 and older; exempts authorized lottery operations from existing gambling prohibitions in Sections 97-33-9 through 97-33-49.

• Exempts lottery ticket sales from state sales tax and takes effect July 1, 2010.