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Slots

Reschenthaler, Titus Urge IRS to Raise Tax Threshold on Slot Winnings

Monday 12 de February 2024 / 12:00

2 minutos de lectura

(Washington, DC).- Chief Deputy Whip Guy Reschenthaler (R-PA) and Representative Dina Titus (D-NV), co-chairs of the bipartisan Congressional Gaming Caucus, sent a letter to the Internal Revenue Service Commissioner Danny Werfel expressing support for the IRS Advisory Council’s (IRSAC) recent recommendation to increase the reporting threshold for slot machine jackpot winnings to account for inflation.

Reschenthaler, Titus Urge IRS to Raise Tax Threshold on Slot Winnings

In the letter, the lawmakers wrote:

“We urge you to follow the IRSAC’s recommendation and exercise your authority to raise the threshold for slot machine jackpot winnings to $5,000 and to consider periodic increases to the threshold based on inflation. Taking this action will align with the IRS initiative to strategically use data to improve tax administration and modernize tax reporting for our constituents.”

Under current policy, slot machine jackpot winnings of $1,200 or more require a W-2G tax form. This threshold has not been updated since 1977, despite a substantial increase in the number of W-2G forms filed each year. Due to inflation, this outdated standard has significantly increased compliance burdens on taxpayers and operating costs for casinos across the country.

“The antiquated slot tax threshold creates unnecessary burdens for consumers, casino operators and the IRS,” said American Gaming Association (AGA) President and CEO Bill Miller. “The AGA commends Representatives Reschenthaler and Titus and other Congressional leaders for their dedicated efforts to modernize this long-outdated policy and join them in urging Commissioner Werfel to raise the threshold.”

Last year, Reschenthaler and Titus introduced the Shifting Limits on Thresholds (SLOT) Act, bipartisan legislation to raise the outdated tax threshold for slot winnings from $1,200 to $5,000.

The Congressional Gaming Caucus comprises a broad representation of Members of Congress from across the country. It serves as a platform to discuss federal policy issues related to the U.S. gaming industry and educate congressional colleagues on related regulatory and legislative matters.

Read the full letter here.

Categoría:Slots

Tags: Sin tags

País: United States

Región: North America

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