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Casinos Reject Nevada Gambling Marker Tax
LAS VEGAS, NEVADA --
Another plan to increase the state's tax share of casino gambling income in Nevada has been shelved. Governor Jim Gibbons said the economic recession has caused him to reconsider trying to tax gambling markers as immediate income for casinos.
Nevada imposes one of the lightest tax burdens in the US on its gaming industry. The 6.75 percent tax on gambling revenues is far below the figure charged by other states, ballooning up to the fifty percent charged by Florida on its racinos.
But measures to try to increase the casinos' share of the tax burden have met with stiff resistance. A bill to raise casino taxes to pay teachers' salaries became lost in court filings. Now the powerful casino lobby has succeeded in preventing themselves being taxed on money loaned to patrons.
Nevada Resort Association head Bill Bible told the Las Vegas Review-Journal that a side effect of the proposal would have been the reduction of credit offered by casinos, possibly leading to a drop in play, and thus a drop in total taxes paid by the casinos.
Bible asserted the state gets paid when the casino gets paid, as ninety-six percent of markers are ultimately taxed. The remaining four percent cover unpaid markers or markers negotiated to smaller amounts.
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