Introduced yesterday (March 3), House Bill 6937 has been passed to the House Committee on Ways and Means, with sponsors hoping to amend a law that has been in place since 1977.
Failure to adjust the threshold for inflation, sponsor said, has caused a significant increase in the number of slot jackpots casinos and customers that must report to the Internal Revenue Service (IRS).
When adjusted for inflation, a $1,200 jackpot in 1977 would be equivalent to more than $5,000 today.
The American Gaming Association (AGA) voiced its support for the legislation, saying that if the bill were to pass into law, it would provide a mechanism for future increases based on inflation.
“Increasing the slot tax threshold to account for inflation is a long overdue change that will alleviate unnecessary administrative burdens on casino operators, their customers and an understaffed and overwhelmed IRS,” AGA president and chief executive Bill Miller said.
“The legislation provides Congress a direct path to modernise the slot reporting threshold. We look forward to continuing to work with these bipartisan leaders on Capitol Hill to address outdated regulations that impact our industry.”
HB 6937 is being sponsored by Representatives Mark Amodei, Anthony Brown, Steven Horsford, Dina Titus and Guy Reschenthaler.
Original article: https://igamingbusiness.com/bill-proposes-increasing-us-slot-tax-threshold-to-5000/
