HOW JERSEY SPORTS BETTING COULD REDUCE PROPERTY TAXES IN ATLANTIC CITY
By Hal Moxley in Trenton
New Jersey lawmakers are considering how redirect some sports betting taxes from a state agency to the city of Atlantic City for property tax relief.
Introduced in December by state Sen. Troy Singleton, a south Jersey Democrat, the legislation would redirect the 1.25% tax on sports betting that currently goes to the Casino Reinvestment Development Authority.
The money is currently used by the state agency to market and promote Atlantic City. Under the bill, it would instead go to the city for local property tax relief.
“This would be a huge win for the taxpayers of Atlantic City, who would finally be able to benefit from the sports betting that is going on in their city,” said Mayor Marty Small.
But the bill’s future is murky. It was introduced Dec. 13 and sent to a state senate committee.
If it is not advanced from the committee and approved by both houses of the state Legislature before the current session ends Monday, it would need to be reintroduced in the next legislative session that begins on Tuesday.
