Casinos and taverns are petrified from the gambling tax raise
10 February 2005
The proposal to increase taxes on most of the video gambling machines in casinos and taverns, to alleviate the burden of the property tax has instigated uproar. Casino and tavern owners protested saying that a new bill is detrimental for their businesses, depleting their assets. Contrary, home owners and renters supported the proposal. The panel did not hurry to make a decision on the Senate bill 348 which was negotiated at a hearing before the Senate Taxation Committee.
Casinos enjoyed the gambling tax that has been pegged at 15 percent, which is the lowest among the state, since the 1989, when it was primarily imposed. For homeowners, the law was however, less benevolent when the cost was shifted of school funding onto the property taxpayers. The only feasible solution, Sen. Ken Toole was able to offered was to raise gambling taxes, which he estimated would imbue the state's coffer with annul $30 million, or $40 million. Yet, no specific figures were given by him as to the exact parameters of the relief the bill would bring.
Tool's proposition entails the following: the first five machines per business would be taxed by 15 percent and the remaining ones by 30 percent, up to 15 machines. The margins obtained from a casino gambling tax would be utilized to fund the state income tax credit to provide an equal tax relief for homeowners and renters. While the owner of Little Nevada Casino woes on the cut of $500 per day he is induced to do in order to stay afloat, dismissing 50 percent of his employees, the property tax relief is anticipated to help people sustain their homely possessions.
Source: Online Casinos News Staff
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