Introduced on 3 March, House Bill 6937 has been passed to the House Committee on Ways and Means. The sponsors aim to amend a law from 1977 to address the issue of increasing slot jackpots in casinos and the resulting increase in reporting to the Internal Revenue Service (IRS). The current threshold for reporting has not been adjusted for inflation, leading to the need for a change. In 1977, a $1,200 jackpot would be equivalent to over $5,000 today when adjusted for inflation. The American Gaming Association (AGA) supports this legislation and believes it would provide a mechanism for future increases based on inflation. AGA’s president and CEO, Bill Miller, states that increasing the slot tax threshold would alleviate administrative burdens on casino operators, customers, and the IRS. The legislation seeks to modernize the slot reporting threshold, and representatives Mark Amodei, Anthony Brown, Steven Horsford, Dina Titus, and Guy Reschenthaler are sponsoring HB 6937.
New Bill Proposes Raising US Casino Slot Tax Threshold to $5,000
Karol Petersen is a distinguished writer with a fervent interest in the realms of gambling and online gaming. With a career spanning over a decade, Karol has developed a comprehensive understanding of the gambling industry, including casinos, sports betting, poker, and the burgeoning online gaming sector. Known for his meticulous research and engaging writing style, Karol provides readers with in-depth reviews, insightful strategies, and up-to-date industry trends. His work demystifies complex topics, making them accessible and enjoyable for both beginners and seasoned gamblers. Karol's articles are trusted resources, offering practical advice and expert analysis that empower readers to make informed decisions and enhance their gaming experience.
Leave a comment