Tax Relief

Tax Breaks for NJ Casinos, Legislature Handed Faculty Sports activities Betting Payments, Head to Gov.

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New Jersey lawmakers are considering one Set of bills that would do something for the casinos in Atlantic City financial relief from COVID-related declines, as well as Expansion of sports betting, raffles and other games of chancereports the Associated Press.

The state parliament was planned Thursday to vote on four bills with gambling, the most momentous of which would bring casinos relief when they recover from the pandemic that forced them to close for 3 1/2 months last year. Only recently have they been able to resume operations at 100% capacity.

A bill would exempted the first $ 90 million from taxation of promotional credits, including free spins coupons, that casinos give to players for two years. It would too Give the casinos some relief from their 8 percent state gambling tax liability when your personal gambling 2021 Sales fall below the monthly sales of the same month in the period from March 2019 to February 2020.

It Received final approval Thursday from the State Senate and now goes to Governor Phil Murphy’s desk with prior approval by the assembly. It didn’t include several of the breaks suggested when the measure was first introduced last year, including waivers or some taxes or fees, including per-machine fees for slot machines.

The text of the bill states that the coronavirus pandemic “has caused a disastrous and unprecedented economic slump (which) has devastated the regional economy of Atlantic City and the surrounding areas, causing historic layoffs and economic devastation that has significant negative and lasting effects.” on the casino staff will have ”. and residents of Atlantic County. “

“It is necessary that the state take steps to ensure the continued financial viability of the Atlantic City region and to support the population of the region in dealing with the financial and economic problems posed by the COVID-19 pandemic,” it reads .

The pandemic-induced closings and reluctance of many gamblers to return to personal gambling over the past year have cut Atlantic City casinos’ gross operating profit by 80% for 2020.

Another bill would call for a constitutional amendment on whether sports betting should be allowed at games involving college teams from New Jersey or games in New Jersey involving teams from other states. Both types of bets are currently prohibited. This bill also passed the Senate on Thursday.

Another bill would allow it charitable, religious and other similar groups to run bingo or raffles remotely, and a fourth action would be to call another call Referendum on a constitutional amendment that would allow such organizations to use the proceeds from these games to support their organizations. Currently, only veterans and senior groups are allowed to use the net proceeds from these games to support their groups.

The sports betting and bingo and raffle bills were not scheduled for final approval at Thursday’s meeting.

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