Having a requirement in Massachusetts gambling law calling for gamblers to pay income tax on any winnings greater than $600 before leaving a casino needs to be adjusted. The possible number of people that plan to attend a casino, may think twice before traveling to one.
Reportedly, the $600 cut off was established low in the 2011 gambling law to make sure that gamblers didn’t walk off with their winnings without paying taxes. A growing concern isÂ that it could backfire on the state, prompting many gamblers to cash out before they reach the $600 in winnings or they may skip playing in Massachusetts.
This was attempted in New Hampshire in 2009 with the losses mounting so quickly at the state’s house tracks, the law was repealed in 2011.
The problem that occurred in the Granite State should be looked at as the clear example that the Massachusetts law will not help draw the needed number of gamblers that will make casinos work for everyone, including the person(s) wagering the money.
Apparently, there is growing support on Beacon Hill and at the gaming commission for revisiting the $600 threshold that will have a negative impact on the situation.
Reportedly, lawmakers are jittery about amending the gambling law and reopening the gambling debate in Massachusetts.
However, the holdings threshold on winning is technically located in a section of the general laws dealing with the income tax and could be revised without reopening a can of worms in a debate about gambling.
It appears that casinos and even a slot parlor will eventually become a reality in Massachusetts, so why not make the process a little easier and more beneficial.
There seems to be some room for compromise on the issue, so let the games begin.