IRS Tax Hike Could Affect Casinos on Coast

Uncle Sam could soon be grabbing cash from casino revenue. The IRS is hoping to reduce the requirement for reporting slot machine and bingo winnings down from $1,200 to $600.

Under current law, casinos must file tax information forms if a player wins $1,200 or more on a slot machine jackpot or a bingo game. Those minimums were set in 1977. Gaming consultant, Cliff Kirkland, believes the tax hike would cause a great burden on casinos along the Gulf Coast.

He says, “It’s going to slow down slot play. It’s going to be more labor intensive for the casinos and that translates to lower amount of gross gaming revenue realized, which in turn translates to less money that goes back in taxes to the state, to the city.”

For now, the tax hike is just a proposal.

Categories: Local News, News

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