NV Looks to Change Taxation on Gaming- Part 2

In the market one of the biggest ways a state can elevate their revenue stream is to tax gambling companies. The reality is that gambling is a multi- billion dollar business right now and showing no signs of slowing down. In fact, it is projected to reach a value of $7-billion in worth by 2014. This is a sign of how many people are going to be entering the market. Legislators are bracing themselves for the growth of the market and banking on more people than ever entering into the casinos. Now that the door for online gambling is opening too, they are looking to take some tax revenue dollars from that medium too. This is what is going to continue to push them to revamp the laws that currently govern gambling. Of course a lot of the rules are not written yet. The US is still working under the UIGEA of 2006 and its limitations. This is a priority though for lawmakers to rework. They are trying to currently find the proper laws to govern gambling and come up with laws that are going to adequately work for them and for the gaming public. This should take time though because of how intricate the industry is. There is a lot to consider in gambling and this is why it has taken legislators so long to really dig deeply into it and come up with some viable solutions.

There are a lot of benefits to writing the proper taxation laws for states in the US. They are working on it though. Nevada, New Jersey and Pennsylvania seem to be in a showdown right now on which state can come up with the right laws that are going to work with the market. They are trying to bring out as much revenue as possible though from gambling, but also write safeguards into the laws to protect the people who want to take a shot at the games. This is important due to the very nature of gambling as being an easily “overboard” activity. Lawmakers are working to reinvent the laws and this is likely going to be a land rush in the end.

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