In a surprising turn of events, a New Jersey panel voted to revive a controversial amendment that would provide tax breaks to struggling casinos in Atlantic City. The amendment, which had previously been rejected by the state legislature, was given new life by the panel’s decision.
The amendment, known as Senate Bill S971, aims to provide financial relief to casinos that have been hit hard by the economic downturn caused by the COVID-19 pandemic. Under the amendment, casinos in Atlantic City would be able to apply for tax breaks based on their financial need, with the goal of keeping these establishments afloat and preserving jobs in the region.
The decision to revive the amendment has sparked heated debate among lawmakers and stakeholders in the gaming industry. Proponents argue that the tax breaks are necessary to prevent further closures of casinos in Atlantic City, which would have disastrous consequences for the local economy. They also point to the success of similar tax break programs in other states, such as Nevada and Pennsylvania.
However, opponents of the amendment argue that providing tax breaks to casinos sets a dangerous precedent and could open the door to more government subsidies for struggling industries. They also raise concerns about the potential impact on state revenue, as the tax breaks would result in lost tax dollars for the state.
Despite the controversy surrounding the amendment, the panel’s decision to revive it signals a potential shift in the state’s approach to supporting its struggling casinos. It remains to be seen whether the amendment will ultimately be approved by the legislature, but this development has certainly added a new layer of complexity to the ongoing debate over the future of Atlantic City’s gaming industry.
