Tax Relief for New Jersey Online Casinos in Bid to Save Jobs
Governor Phil Murphy has signed the PILOT bill, which will provide tax relief to New Jersey’s online casinos in an attempt to save jobs and possibly the casinos themselves.
The bill passed 46-19 in the Assembly and 21-14 in the Senate, with all Senate Republicans voting against the bill.
Atlantic County then responded with a lawsuit in protest of the bills passing.
Online casinos are a major source of income for the land-based casino industry in New Jersey, which is currently under threat thanks to the declining revenue caused in part by the pandemic.
The bill ensures that online casinos will no longer pay taxes to Atlantic City and the AC school system, which could lead to local revenues of around $55m being lost.
The Casino Association claimed failure to pass this legislation is going to have detrimental impacts on the industry. The Casino Association also suggests that the bill could save upwards of 20,000 jobs.