The US Congress is to consider a new bill that proposes increasing the country’s current slot tax threshold from $1,200 to $5,000.
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 und..