Rep. Titus, Colleagues Needs Tax Threshold Lifted on Slot Jackpots

Posted on: September 25, 2021, 04:58h. 

Last current on: September 25, 2021, 01:43h.

9 months soon after Congress handed laws calling on the US Treasury Division to decide no matter whether boosting the tax threshold on slot device winnings was possible, members of the Congressional Gaming Caucus want to know when they can hope the report.

Dina Titus Slot threshold
US Rep. Dina Titus (correct) speaks with Vice President Kamala Harris ahead of an party in March at UNLV. On Friday, Titus, co-chair of the Congressional Gaming Caucus, and five congressional colleagues urged Treasury Secretary Janet Yellen to raise the tax reporting threshold on slot equipment winnings. (Graphic: Congresswoman Dina Titus/Facebook)

In a letter Friday to Treasury Secretary Janet Yellen, 6 members of the caucus reminded her about the report. It will come as lawmakers on Capitol Hill are wanting to end paying expenses for the 2022 fiscal yr, which starts upcoming Friday.

We ask that the department prepare this report as expeditiously as doable and deliver it to Congress to tackle this lengthy-standing and burdensome problem,” the lawmakers wrote. “We take pleasure in your interest and seem ahead to functioning with you on the make any difference.”

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 devices is $1,200.

The study request was element of an omnibus paying out monthly bill lawmakers passed in late December. The monthly bill named for the Treasury to report its conclusions to Congress inside 90 days of its enactment.

That deadline passed on March 27.

At the time the invoice was signed into legislation, President Trump was still in business office. The Biden Administration would not acquire around right until Jan. 20. Yellen was verified by the Senate on Jan. 25.

Recent Slot Tax Threshold Established 44 A long time Back

When the caucus asked for a feasibility report, the users by now have a company placement on the issue, and they shared that with Yellen as well in the letter.

The federal authorities established the threshold at $1,200 in 1977. The caucus advised Yellen that when a slot player wins a jackpot of that size or more substantial, it forces the casino to right away shut down that machine. A casino worker then must go to the winner and hand them a W2-G tax kind to report gaming winnings.

“Because the threshold has not retained up with inflation, this outdated policy has made a extraordinary boost in the selection of reportable jackpots, which has improved the operational expenses and associated burdens for casinos, their patrons, and the Interior Revenue Service,” the letter said.

This also is not the 1st time the Treasury Division has been named on to raise the threshold. In May well 2019, Titus and US Rep. Darin LaHood, R-Unwell., wrote to then-Assistant Treasury Secretary David Kautter to elevate the threshold to $5,000.

In May well 2020, the American Gaming Association introduced up the identical challenge soon after Trump signed an govt get contacting on federal businesses to take into account rescinding guidelines that would hinder the country’s recovery from the COVID-19 pandemic.

US Rep. Titus to Discuss at G2E

Friday’s letter will come as Titus gets completely ready to meet with crucial gaming field leaders in much less than two weeks.

At future month’s Worldwide 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 job in that.

G2E operates from Oct. 4-7 at the Venetian Expo on the Strip.