Legislation Proposed To Reform Tax Code Stipulates Legalization, Regulation And Taxation Of Internet Gaming
Sunday, 28. February 2010

The introduction of legislation earlier this week by Senators Judd Greg (R, NH) and Ron Wyden (D,OR) to the Bipartisan Tax Fairness and Simplification Act of 2010 that included provisions for the legalization and regulation of Internet gaming was applauded by the Safe and Secure Internet Gambling Initiative.

The provisions introduced in the legislation are similar to those introduced by House Financial Services Committee Chairman Barney Frank (D,MA) in the Internet Gambling Enforcement Act (H.R. 2267). Representative Frank’s bill also attracted bipartisan support with 65 co-sponsors that includes the Committee of The Judiciary chairman Pete King (R,NY), Representative John Conyer (D,MI) and Representative George Miller (D,CA).

An amendment was introduced previously to the Senate Finance Committee by Senator Wyden that proposed to use revenue from internet gambling revenue to offset the costs incurred by health reform. Unfortunately, the amendment never came to a vote as a decision was made by the Senate Finance Committee to limit the revenue provisions to matters that are closely related to health care.

An analysis of the regulation of internet gambling sponsored by the Joint Committee on Taxation as was recently proposed by Representative Frank and Representative Jim McDermott (D,WA) would generate close to $42 billion over ten years for the U.S. Treasury.

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