This bill proposes an increase in the tax rates for Internet casino gaming and Internet sports wagering in New Jersey. Specifically, the tax on Internet gaming gross revenues will rise from 15 percent to 30 percent, and the tax on Internet wagering on sports events will also increase from 13 percent to 30 percent. Additionally, the bill maintains an 8.5 percent tax on sums received from sports wagering operations, while an additional 1.25 percent tax will be allocated for marketing and promotion of Atlantic City.

The changes to the tax structure are reflected in the amendments to Sections 17 and 7 of existing laws, where the previous percentages are deleted and replaced with the new rates. The bill is set to take effect on January 1 following its enactment, aiming to enhance revenue for the Casino Revenue Fund and support local economic development initiatives.

Statutes affected:
Introduced: 5:12-95.19, 5:12A-16