Congressional Gaming Caucus Desires Tax Threshold Raised on Slot Jackpots
Posted on: September 25, 2021, 04:58h.
Final updated on: September 25, 2021, 01:43h.
9 months after Congress passed legislation calling on the US Treasury Department to establish whether or not raising the tax threshold on slot machine winnings was feasible, members of the Congressional Gaming Caucus want to know when they can assume the report.
In a letter Friday to Treasury Secretary Janet Yellen, six members of the caucus reminded her about the report. It comes as lawmakers on Capitol Hill are looking to finish paying expenses for the 2022 fiscal 12 months, which commences subsequent Friday.
We inquire that the department put together this report as expeditiously as possible and provide it to Congress to address this long-standing and burdensome issue,” the lawmakers wrote. “We value your interest and search forward to working with you on the matter.”
The letter was signed by US Reps. Dina Titus, D-Nev. Man Reschenthaler, R-Penn. Steven Horsford, D-Nev. Mark Amodei, R-Nev. Anthony Brown, D-Md. and Kelly Armstrong, R-ND. Titus and Reschenthaler serve as the co-chairs of the caucus.
The tax reporting threshold on slot machines is $1,200.
The research request was element of an omnibus spending bill lawmakers passed in late December. The bill named for the Treasury to report its findings to Congress within 90 days of its enactment.
That deadline passed on March 27.
At the time the bill was signed into law, President Trump was even now in workplace. The Biden Administration would not get in excess of until Jan. twenty. Yellen was confirmed by the Senate on Jan. 25.
Current Slot Tax Threshold Set 44 Many years In the past
Although the caucus asked for a feasibility report, the members already have a company place on the matter, and they shared that with Yellen as properly in the letter.
The federal government set the threshold at $one,200 in 1977. The caucus told Yellen that when a slot player wins a jackpot of that size or bigger, it forces the casino to right away shut down that machine. A casino worker then have to go to the winner and hand them a W2-G tax type to report gaming winnings.
“Because the threshold has not kept up with inflation, this outdated policy has produced a dramatic boost in the quantity of reportable jackpots, which has enhanced the operational charges and connected burdens for casinos, their patrons, and the Internal Revenue Service,” the letter stated.
This also is not the very first time the Treasury Division has been referred to as on to raise the threshold. In Could 2019, Titus and US Rep. Darin LaHood, R-Sick., wrote to then-Assistant Treasury Secretary David Kautter to raise the threshold to $five,000.
In Might 2020, the American Gaming Association brought up the same concern following Trump signed an executive buy calling on federal companies to take into account rescinding policies that would hinder the country’s recovery from the COVID-19 pandemic.
US Rep. Titus to Communicate at G2E
Friday’s letter comes as Titus gets prepared to meet with essential gaming business leaders in significantly less than two weeks.
At subsequent month’s International Gaming Expo, Titus and Nevada Gov. Steve Sisolak will deliver a joint keynote on Oct. 5 to talk about Nevada’s recovery and gaming’s part in that.
G2E runs from Oct. four-7 at the Venetian Expo on the Strip.