AGA urges administration to adjust antiquated slot reporting threshold

21 May 2020

(PRESS RELEASE) -- The American Gaming Association today welcomed the Trump administration’s executive order to swiftly identify regulatory reform opportunities to help promote job creation and economic growth. America’s gaming industry has been among the most impacted sectors of the economy as a result of the COVID-19 pandemic, which required the temporary closure of all 989 commercial and tribal casinos throughout the country.

“As the gaming industry safely reopens and seeks to return to financial health, one critical area of regulatory reform the administration should consider is modernizing the $1,200 slot jackpot reporting threshold, which has been in place since 1977,” said Bill Miller, president and CEO of the American Gaming Association. “The current threshold is outdated and imposes significant compliance burdens on both the Internal Revenue Service (IRS) and the gaming industry.

“Last year, the AGA again encouraged the Department of Treasury to update the slot jackpot reporting threshold to a realistic level, in-line with inflation, such as $5,000. The increased threshold would not only enable the IRS to focus its limited enforcement resources on those taxpayers who are most likely to have net slot winnings at the end of the taxable year, but would also significantly reduce close interactions required between gaming employees and patrons to issue tax forms.

“This policy change, supported by bipartisan members of Congress, was already long overdue prior to the pandemic, and now has additional importance as the gaming industry emerges from this crisis.”

Related Links

Featured Vendors
TribalHub
Slot Machines Unlimited
TribalHub
21st Annual TribalNet Conference & Tradeshow Nov 9-12, 2020 Gaylord Texan Resort, Grapevine TX
Slot Machines Unlimited
Exporter of IGT, Williams, AVP, Trimline, Aristocrat, Konami, Bally, & parts over 20 yrs experience
Elite Gaming USA
Meister Economic Consulting, LLC
Elite Gaming USA
Provides a diverse inventory of refurbished gaming equipment and supplies from top manufacturers
Meister Economic Consulting, LLC
Economic consulting firm specializing in high quality research and analysis
Casino Schedule Ease
Global Gaming Expo (G2E)
Casino Schedule Ease
Removing the chaos from casino staff scheduling one property at a time
Global Gaming Expo (G2E)
The largest gathering of global, commercial and tribal gaming professionals in North America.
Casino City Press
Rymax Marketing Services, Inc.
Casino City Press
A leading publisher and distributor of casino and gaming business data and market research reports.
Rymax Marketing Services, Inc.
Leader in creating award winning player & employee loyalty programs & events proven to increase ROI
Sunkist Graphics, Inc.
Betson Imperial Parts & Service
Sunkist Graphics, Inc.
Specializing in the creation of best-of-breed gaming graphics - slot glass, sign faces, and more
Betson Imperial Parts & Service
You one stop shop for all your gaming and OEM needs!
Gaming Tickets, Inc.
Regulatory Management Counselors, PC
Gaming Tickets, Inc.
35 years in the gaming industry - premium quality slot tickets, lottery tickets on time under budget
Regulatory Management Counselors, PC
Over 35 years of experience serving the legal and regulatory needs of casino industry clients
Kallop
Kallop
Reward every player like a VIP with luxury brands at surprisingly affordable prices.


Your Guide to 15,610 Gaming Industry Suppliers