April 18 - When slot machines were legalized in Pennsylvania in 2004,
opponents of the move were reassured that the revenues would be put back into
the state via tax reductions. These benefits are now being felt after it was
announced that around three million home and farm owners in the area would feel
a reduction of an average of 10% off school property taxes. The drop in taxes
would take affect in the coming school year.
Authorities promised to channel Pennsylvania slots revenue into
property tax and rent rebate programs for low income seniors last year. The new
tax cuts will see low-income, elderly homeowners enjoy bigger than average
reductions off their tax bills this coming year. Also to benefit from the cuts
are suburban homeowners who work in Philadelphia. They will see a 5.7% reduction
off their wage tax in 2009 already.
Michael Masch, the budget secretary for Pennsylvania Governor, Ed Rendall,
said: "It took us a while to get there but we are finally here."
Under the reduction plan, the state will distribute $612 million for tax cuts
and a further $48.5 million from Pennsylvania slots revenue for property tax and
rent rebate programs for the elderly. $273 million will be kept in reserve,
nearly triple than what is mandated by law, to ensure that next year's
reductions are at least the same as this year's.
Pennsylvania slots revenue received a boost with the opening of the first
slots parlor, the Mohegan Sun at Pocono Downs in 2006. Six more slot
casinos have since opened and four are due to open in the near future, expecting
to contribute to state coffers even further.
Other Articles:
Cryptologic to Release Street Fighter Slots Game - 04-17-08Break da Bank Again Slots Game Awards Giant Jackpot - 04-16-08Racino Royale Enters Peru Slots Market - 04-15-0840 Percent of California Slots Not Approved - 04-14-08
|
|
Y! MyWeb
OnlyWire
Digg
Spurl
Furl
Simpy
Del.icio.us
Google
