Las Vegas, Casinos, Gamblers Await Huge IRS News
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The IRS has a limit for the amount of slot machine jackpot that must be reported to the federal agency for tax purposes. The limit hasn't changed since 1977. New proposed federal bill would raise the limit and make reporting less of a burden for casinos. Caesars Entertainment, MGM Resorts International and Wynn Resort Limited are reporting on the topic. i.e. Get Caeres Entertainment Inc. Report, Wynns Res Resort Limited Report.
The Shifting Limits on Thresholds (SLOT) Act would increase the threshold for slot machine jackpots to $5,000. The threshold would be rounded to the nearest hundred dollars. It would also index the amount to inflation in perpetuity. It was introduced in the House of Representatives by Nevada Democrat Dina Titus.
The SLOT Bill was introduced in March but has not been passed yet. It has bipartisan support. The American Gaming Association supports increasing the slot tax threshold to account for inflation. Treasury Department has yet to file a report on the issue.
