Delaware to reduce casino taxes

The Senate Finance Committee of Delaware Senate has approved the casino relief bill, which proposes to reduce the taxes and fees at the casinos. Senate Bill 144 would reduce the tax almost by a half – from 29.4 per cent to 15 per cent – and do away with the licensing fee. It would also suspend the table game licence fee due June 1st, 2019, and continue to suspend the fee in subsequent fiscal years if every agent increases expenditures on marketing, wages and benefits by its share of that licence fee.

The bill that was approved by four senators wants to reduce Delaware’s share of gross slot machine revenues from 43.5 per cent to 41.5 per cent or 42.5 per cent to 40.5 per cent, as applicable. It would also lift a ban that prohibits Delaware casinos from operating at Christmas and Easter.

This move would generate US$15 million less revenue next fiscal year and US$20 million the following year. However, Senator Brian Bushwelle believes that if the industry keeps working under these regulations, it will continue to decline. “No business can sustain that for long,” Sen. Bushweller said. “No business can last under those circumstances.”

Source: focusgn.com