Proposed New Jersey Bill Would Increase iGaming Tax Rate
March 22, 2024
A bill was introduced this week that would raise the tax rate for iGaming and internet sports betting to 30%.
According to the Sponsor, S3064, is still being drafted into bill language.
While the state is currently experiencing a budget surplus, it is expected to go into deficits in the coming years which is likely the impetus for finding new/increased revenues. We are not aware that this proposal has support from the Governor’s office, but we do know that some lawmakers have been floating the idea of a tax increase for the past few months. If this bill is to move, it would likely be tied to the state budget which will be considered over the next several months.