Delaware Lawmakers Cut Tax for Casinos
DOVER, Del. (AP) - House lawmakers have approved a tax cut for Delaware's three casinos, which are struggling amid increased competition from neighboring states.
The legislation was approved 35-to-4 Thursday. It now goes back to the Senate for approval of a House amendment regarding the state's share of gross slot machine revenue.
The original bill cut the state's slots share from 43.5 percent to 41.5 percent. The revised bill allows the state a 42.5 percent share, with additional reductions possible.
The bill also cuts the state's share of table game revenues from 29.4 percent to 15.5 percent and allows casinos to avoid the annual licensing fee by investing in their businesses.
The bill will result in an estimated $11 million hit to Delaware's general fund next year and about $17 million the following year.