We seldom run news articles but when it comes to online gambling legislation in the U.S we’re in.
In other words, we give you the latest scoop that pertains to the best USA online casinos.
Moreover, you’ll be happy to hear that Congress is pushing a new Bill.
The aim of the Bill is to decrease the number of slot machine jackpots.
Basically, the jackpot wins real money slots players have to report to the IRS.
So, how did it all start? The American Gaming Association (AGA) said that it supported bipartisan legislation.
Dina Titus and Guy Reschenthaler proposed a tax threshold of $5,000. Both members share Congressional Gaming Caucus Co-Chairs.
The reason why they proposed the Bill. Congress hasn’t adjusted the current $1,200 threshold for inflation since 1977.
They said that future increases must make provision for inflation.
As casino gamblers most probably know. Inflation is at an all-time high in the United States.
Increasing the slots tax threshold for inflation is long overdue.
It will alleviate administrative burdens on online casinos in the United States.
Not only will it help real money slots players. But, it will bring great relief to overworked casino staff and overwhelmed IRS.
The legislation builds on the efforts of the AGA and Congressional Gaming Caucus.
They directed the US Department of Treasury to update the slot tax threshold. Treasury hasn’t submitted the report to Congress yet.
Nevada saw an increase of $1 billion in the past month, a 42% increase over January 2021.
Plenty of those dollars came from slot machine players on the Las Vegas Strip.
Looks like the US casino industry is back where it belongs again.
Absolutely. The legislation provides Congress with a way to streamline the slot reporting threshold.
Besides, Miller said that they look forward to working with bipartisan leaders on Capitol Hill.
To address legislation that has a negative impact on the online casino industry in America.
Furthermore, Reps. Mark Amodei, Steven Horsford, and Anthony Brown cosponsored the slots legislation.
According to federal regulation, when a casino patron wins a slot machine jackpot of $1,200, or more.
The casino will take that machine out of service temporarily. In return, the slots player must complete a W-2G tax reporting form.
During the past decades, the jackpots of slot games increased due to inflation.
Since Congress established the $1,200 threshold that triggers the issuance of tax forms. It remained static since 1977.
So, if you adjust a jackpot win to 1977 standards, it’s equivalent to $5,000 today.
Because the threshold has not stayed in line with legislation. There has been a significant increase in the number of reportable jackpots.
This caused operational inefficiencies for casino operators. Not only that, a sea of W-2G forms flooded their way to the IRS every year.
The pandemic saw a meteoric rise in online casino gambling in the United States.
This also meant an influx in revenue for casinos but they also had to pay out more wins.
As such the current threshold of $1,200 for slot wins is detrimental to the industry.
More than 18.5 million Americans like to gamble casually online. It’s evident that the demand for slots is rising by the day.
Slot machines are easy to play and they’re also cash cows. In fact, more than 70% of a casino’s player base accounts for slot players.
We can say with certainty that Congress did a good thing by increasing the threshold to $5,000.
As it is the casino industry is seeing a massive post-pandemic rebound.
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