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Nevada Looking For Break on federal sports tax
Sunday March 1,2015 : NEVADA SENATOR SEEKS A BREAK ON FEDERAL SPORTS BETTING TAX
Second time lucky for Sen. Titus?
Nevada Senator Dina Titus is taking a second run at one of her pet projects, the repeal of a federal tax on Nevada sportsbook turnover that sees between $9 and $11 million leave the state for federal coffers every year.
On Friday Titus reintroduced her gambling reform bill, claiming that the levy places an undue burden on the Nevada sportsbook industry.
In a letter to the House Committee on Ways and Means, Titus declared: “Because Nevada is the single state with fully inclusive wagering on sports, companies based in our state are the only entities paying this specific tax.
“While this is a minuscule percentage of the federal budget, retaining these funds in Nevada would allow for additional job creation and innovation in the gaming industry.”
Titus added that the IRS was unable to assure her that the money generated by the levy was being spent on combatting illegal gaming, the purpose for which it was originally implemented.
The Las Vegas Review Journal reports that last year Titus made a similar attempt to kill the federal handle tax of 0.0025 percent, but it died in committee.
The Journal reports that sports wagering is growing in Nevada, and last year punters in the Silver State bet $3.9 billion, an increase of 7.7 percent y-o-y.
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