The American Gaming Association and Indian Gaming Association have shown their support for the reintroduction of the Shifting Limits on Thresholds Act which would raise the slot machine winnings reporting threshold to $5,000.
The legislation, reintroduced one year after its initial introduction by Co-Chairs of the bipartisan Congressional Gaming Caucus Congresswoman Dina Titus and Congressman Guy Reschenthaler, is calling for an update to the 1977 slot winnings reporting threshold of $1,200.
In addition, every time a machine hits the threshold, the machine must be taken out of service.
The SLOT Act calls for the limit to be raised to $5,000 to keep it in line with increasing slot jackpot amounts.
The legislation also states that “by creating unnecessary roadblocks in the legal gaming experience, legitimate customers are incentivized to switch to the illegal market, meaning less tax revenue and more violations of the law”.
The AGA has once again shown its support for the act, with CEO and President Bill Miller calling it a “commonsense” policy update that will better serve customers and the gaming industry.
“This is a commonsense update to tax policy that creates a better patron experience, reduces the burden on the IRS, and supports gaming’s economic impact in communities,” commented Miller.
“We are grateful for Rep. Titus and Rep. Reschenthaler’s leadership on this important industry priority to address the antiquated slot tax threshold.”
The IGA has also shown its support for raising the slot winnings reporting threshold, with the association’s Chairman Ernest L Stevens Jr calling the current threshold a “regulatory burden” on tribal gaming.
Stevens Jr noted: “I want to thank Representative Titus for her reintroduction of the SLOT Act. Tribal gaming is experiencing tremendous post-covid growth and the Treasury Department’s slot reporting requirement is a regulatory burden on our tribal gaming industry.
“On behalf of the Tribal Membership at the Indian Gaming Association, I would like to acknowledge Representative Titus and Representative Guy Reschenthaler (PA-14) for their commitment towards removing this outdated and costly burden on our daily Tribal gaming operations.”