Virginia Looks to Remove Bonus Spending Deduction

The state of Virginia's lawmakers are looking to change the state's tax laws in a way that'll remove the chance for operators to deduct bonus spending from their tax payments.

The bill is formally known as House Bill 1103 and would amend Viginia's state code, sections 58.1-4030 and 58.1-3037. These sections would close the loophole that lets operators deduct bonus spending from revenue to help generate sportsbetting taxes paid. The bill will also remove a loophole that'll allow operators to carry over negative adjusted gross revenue to the following month in order to deduct it from tax liabilities.

Sportsbetting operators pay a tax rate of 15% on revenues, and operators are looking for any way that they can to lower their tax burden in the state.

HB 1103 was sponsored by State Delegate Mark Sickles, and will work its way through the House and Senate. If it passes both houses, it will go to the desk of new Governor Glenn Youngkin, who can sign it into law or veto it.

Casino Listings News is following this story and will update readers as we learn more.

About the author

Dustin Jermalowicz // News Editor
Dustin Jermalowicz
Dustin has a long-standing passion for gambling. He has been writing professionally on the subject and breaking industry news for Casino Listings since 2011. His favorite casino games include Blackjack, Poker, and Hi/Lo. A proud native of Detroit, Dustin currently lives in Michigan.


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