NC Senate Budget Includes Doubling Tax on Sports Betting
NC Senators passed their version of the budget, which includes doubling the sports betting tax rate from 18% to 36%. House lawmakers have not indicated a willingness to include this increase in their version of the budget. The projected increase in revenues would be distributed to NC colleges and universities.
Progress has been made in educating state house lawmakers so that they will not include this tax increase in their budget.
iDEA is working with stakeholders to oppose the tax increases and other bills that would negatively impact the sports wagering market.
We sent a letter to legislative leaders, which is Linked here. We have also drafted an op-ed and are hoping to have it published soon.
Key Dates
July 1: The deadline for the budget; however, in most years, the legislature does not meet this deadline, and the budget is often not finalized until the Fall.