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The American Gaming Association (AGA) is throwing its weight behind a new, bipartisan bill that would raise the threshold for reporting slot jackpot wins to the Internal Revenue Service. It’s a move that will would increase the pace of slots play for casinos, and bring reporting rules into the modern age.
Under the terms of a bill introduced by Congressional Gaming Caucus Co-Chairs Reps. Dina Titus (D-NV) and Guy Reschenthaler (R-PA) the slots jackpot reporting threshold would be raised from $1,500 to $5,000. The current standard has been in place since 1977 and is creating some major headaches for the IRS. The new proposed reporting standard, when adjusted for inflation, comes in just under the equivalent of $1,500 in 1977.
In practical terms, the increased reporting standard would significantly increase game play on casino floors. That’s because any time a player wins a jackpot over $1,200, that machine must be taken out of service while tax forms are filled out. Since $1,200 isn’t what it used to be, $1,200 slot jackpots are pretty common, which leaves a lot of machines out of service during any given moment.
In an recent press release, AGA President and CEO Bill Miller explained the importance of raising the tax reporting threshold saying, ““Increasing the slot tax threshold to account for inflation is a long overdue change that will alleviate unnecessary administrative burdens on casino operators, their customers and an understaffed and overwhelmed IRS.
“Today’s legislation provides Congress a direct path to modernize the slot reporting threshold. We look forward to continuing to work with these bipartisan leaders on Capitol Hill to address outdated regulations that impact our industry,” he added.