Bipartisan legislation proposed on March 3 by U.S. Rep. Guy Reschenthaler (R-PA) aims to better support jackpot winners by raising the federal tax threshold for slot winnings from $1,200 to $5,000.
The Shifting Limits on Thresholds (SLOT) Act, H.R. 6937, which Rep. Reschenthaler cosponsored alongside bill sponsor U.S. Rep. Dina Titus (D-NV), both of whom co-chair the Congressional Gaming Caucus, would amend the Internal Revenue Code of 1986 to increase the information reporting threshold for slot winnings. U.S. Rep. Mark Amodei (R-NV) also cosponsored the bill.
“The 1977 slot jackpot reporting threshold hurts both Pennsylvania’s gaming industry and its patrons,” said Rep. Reschenthaler. “Because the threshold has not kept up with inflation, it has resulted in a drastic increase in reportable jackpots, which trigger tax burdens for winners and compliance burdens for casinos.”
Increasing the threshold, he said, would “eliminate this onerous red tape, ensuring the gaming industry can continue to support good-paying jobs and foster economic growth in southwestern Pennsylvania and across the country.”
H.R. 6937 is supported by the American Gaming Association and has been referred to the U.S. House Ways and Means Committee for consideration.