It was recently reported that house democrats have decided to veto a bill which would have seen an increase in table game taxes. The piece of legislation was created to boost the tax rate in the state on table games such as blackjack and craps, if voters decide to turn the slot parlors into regular casinos.
The piece of legislation was created by House Minority Leader Brian Newberry and would have seen a two percent point increase on the share by the state of net revenues from table games at casinos. Both facilities, Twin River and Newport Grand, would see an increase of 18 and 20 percent respectively. Newberry stated that the new plan would give the state a better deal then was negotiated.
State representative Charlene Lima also suggested an increased tax rate on both facilities and she stated that lawmakers should not be concerned with protecting the revenues of the facilities owners, which includes large companies like Merrill Lynch. Lima commented: “It’s the people’s profits we should be worried about. Let’s not worry about the profits of the banks. They make enough.”
Others in the government in the state are opposed to the proposal. Nicholas Mattiello, the House Majority Leader, commented that any increase would be ‘unsustainable’ and a ‘disservice’ to the taxpayers in the state in the future. Mattiello commented: “At some point you kill the facilities. At some point you make them less competitive. Resist the inclination to make a bad decision and go as high as you want.”
The debate continued for almost two hours before the casino proposal was approved by a vote of 65 to 8. The bill will now head to the state senate and must gain approval.