The current $1,200 slot tax threshold has not been adjusted for inflation since 1977, leading to a sharp increase in the number of slot jackpot casinos and customers are required to report to the IRS.
"Raising the slot tax threshold to account for inflation is a long-delayed change that will ease casino operators, customers and staff shortages and unnecessary administrative burdens on the overwhelming IRS," said AGA President and CEO Bill Miller.
The bill builds on the efforts of the AGA and the Congressional Game Caucus, and Congress has directed the U.S. Treasury Department (Treasury) to investigate the possibility of renewing the slot tax threshold through regulation. The Treasury has yet to submit the report to Parliament.
"Today's bill provides a direct path for Congress to modernize the slot reporting threshold," Miller continued, adding, "We look forward to continuing to work with bipartisan leaders on Capitol Hill to address outdated regulations affecting our industry."
The bill is co-sponsored by Reps. Mark Amodei (R-NV), Anthony Brown (D-MD), and Stephen Horsford (D-NV).