New Jersey bill to increase online gambling taxes introduced
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The proposal is to increase tax rates to 30 per cent.
US.- New Jersey senator John McKeon has formally has introduced Bill S3064, which aims to increase the tax for online gambling and sports betting to 30 per cent. The bill has been referred to the Senate State Government, Wagering, Tourism & Historic Preservation Committee.
It would more than double the current tax rates of 14.25 per cent for online sports betting and 17.5 per cent on casino gaming (15 per cent plus 2.5 per cent directed to the Casino Reinvestment Development Authority).
The senator pointed out that New Jersey’s rate is lower than that of nearby states. New York imposes a rate of 51 per cent and Pennsylvania 36 per cent, although New York’s allowance for promotional deductions reduces the effective tax rate to 24 per cent.
