“It’s incredibly overdue and will be a welcomed move by guests and the resort industry as it reduces paperwork and streamlines the process for certain jackpots,” said Virginia Valentine, president of the Nevada Resort Association. Gaming and resort associations back the bill. “Because the threshold has not kept up with inflation, it has resulted in a drastic increase in reportable jackpots, which trigger tax burdens for winners and compliance burdens for casinos,” Reschenthaler said.

Pennsylvania also has businesses with slot machines. Anthony Brown, a Democrat in Maryland where two casinos operate, also is co-sponsor. The legislation filed Thursday, Shifting Limits on Thresholds, or SLOT Act, has bipartisan support in Nevada with co-sponsors that include Republican Mark Amodei and Democrat Steven Horsford. Titus pushed the Obama and Trump administrations for a change in the threshold, seeking to change the trigger amount through regulation. “This creates an unnecessary burden on the gaming industry, an economic driver for Southern Nevada and other communities nationwide where slot machines exist,” she said.Ī similar bill in the Senate has yet to be filed. Adjusted for inflation, that amount would be $5,000 today.Ĭurrently, a jackpot win of $1,200 or more requires the casino or business to shut down a machine and demands IRS paperwork for the winning customer, Titus said. Titus said the current threshold was set in 1977.

Guy Reschenthaler, R-Pa., would raise the $1,200 trigger for reporting winnings to $5,000 instead.

Baskow/Las Vegas Review-Journal) - Citing inflation, the Congressional Gaming Caucus filed a bill Thursday to raise the threshold when gamblers are required to report their slot machine jackpot wins to the Internal Revenue Service.

The Congressional Gaming Caucus filed a bill Thursday, March 3, 2022, to raise the threshold when gamblers are required to report their slot machine jackpot wins to the Internal Revenue Service. A guest plays a slot machine with others nearby at Red Rock Casino on Tuesday, Dec.

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