Politicians in New Jersey are expected to offer a bit of a life preserver to Atlantic City casinos by allowing them to pay a fixed tax rate for the next two years instead of the percentage they normally pay, a big reduction in payments.
The plan was introduced on Monday by New Jersey State Senators Stephen Sweeney and Jim Whelan, and would allow for casinos to pay fixed payments of $150 million for two years rather than their standard taxes.
Proponents of the proposal note that it will help bolster the state's gambling industry, which is beginning to suffer due to lower revenues and increased competition from nearby states. Politicians say that the deal will also help the industry and won't hurt the state as long as the government effectively budgets for the forthcoming year.
The proposal is not official yet, as it has to pass the State Assembly, Senate, and be signed by Governor Chris Christie before it is the law of the land.
Casino Listings will update this story as more developments arise.