<!– google_ad_section_start –> <!– –>ATLANTIC CITY, N.J. (AP) — Atlantic City’s eight surviving casinos would get a break on taxes and the city would get assist making up for lost revenue under a rescue plan unveiled by two New Jersey lawmakers. State Senate President Steve Sweeney and Sen. James Whelan asserted Tuesday their bill would let the casinos collectively pay $150 million in lieu of taxes for two years. The bill would redirect an investment alternative tax to assist pay off $25 million to $30 million of Atlantic City’s debt a year. The plan is designed to assist casinos by reducing their annual yearly taxes. It helps the city by giving it a predictable revenue stream without massive casino tax appeals each year in that have helped drain the city’s coffers. Four casinos have closed this year. The plan is designed to prevent any more from going belly-up. Legislative BranchHobbies & Personal ActivitiesAtlantic City<!– google_ad_section_end –>
Read the rest…Bill would aid Atlantic City, casinos on taxes
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