New Jersey To Offer Tax Break To Struggling Atlantic City Casinos

Legislative proposal introduced to allow a flat tax fee for two years

It appears that the pleas for tax breaks by struggling Atlantic City land casinos…and especially the Trump Taj Mahal…have been sympathetically received by New Jersey politicians.

On Monday Senate President Stephen Sweeney and Sen. Jim Whelan introduced a proposal that would allow casinos to collectively make fixed payments of $150 million in lieu of taxes for two years…an effective reduction in the taxes the operators are currently paying.

The politicians justify the deal by suggesting that it will allow more efficient budget planning by the state and the city, and do away with expensive and time-consuming taxation appeal litigation.

The management at the Taj Trump Mahal, which has been particularly insistent on the need for tax breaks in order to stay open (see previous InfoPowa reports) remained non-committal on the tax proposal, adopting a wait-and-see posture.

The Taj remains the subject of dispute between principal creditor Carl Icahn and the unions, a situation which has led to threats to shut down the casino this (December) month if the unions do not pull back from their demands regarding health and retirement benefits for their members.

Online Casino News Courtesy of Infopowa

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Casinomeister

Casinomeister

The man with the plan here at Casinomeister. Bryan Bailey has been running Casinomeister since its launch in June of 1998. He has watched the industry grow from its primeval stage to what it is now. The Meister has attended nearly 100 conferences in the past 20 years and has either been a speaker or a panel moderator for at least 60 events. He has always been an advocate of fairness and reason and is known to like German beer, a good Scotch, and astrophography.
bryan@casinomeister.com

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