I need to know from a banks standpoint (we are a National Bank)if we can offer a contest with a prize. For example we have Itunes and Amazon gift cards at $10.00 value each. Can anyone help me with New York State laws and any other banks guidelines I would need to know about.
Thanks in advance.

My first question is are you offering this contest to everyone? & what kind of contest is it?

Sweepstake style giveaway...anyone can win. Would a 1099-misc need to be given if the gift cards are only a $10.00 value?

1099-MISC information returns would be required if anyone managed to collect $600 or more in the sweepstakes and any other give-aways from the bank. Based on your question, it would not be expected that you'd be issuing any 1099-MISC returns for the sweepstakes winners.

How many cards are involved. New York has some pretty strict sweepstakes regulations, including the requirement to register the sweepstakes with the State under certain conditions. I would be engaging legal counsel.

Thanks for the information...I appreciate all of your help! I guess it's time for a call to the bank attorney!