Casino Tax Break Bill Scrapes Through New Jersey Senate
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The bill S4007 is aimed at saving New Jersey casinos from closure. It passed both houses of the state legislature after a dramatic marathon voting session. The bill amends an existing payments in lieu of property taxes law. It allows gambling houses to make payments to Atlantic City, Atlantic County and the school system instead of paying property tax.
New-look S4007 will go to New Jersey Governor Phil Murphy for approval. It would exempt sports betting and internet gaming from calculations on how much tax casinos should pay over the next five years. The new bill will reduce the 2022 basic PILOT payment by $55m. Outgoing Senate President Dave Sweeney, the sponsor of S 4007, insists that casinos are not doing as well as people say.
New Jersey's nine casinos and three sports betting horse tracks collectively won nearly $440m in November. The gambling establishments won $4.3bn through the first 11 months of 2021. Liberal think tank New Jersey Policy Perspective says S4007 will provide a minimum $145m of annual tax breaks.
