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Federal Tax on Sports and Race Books Could Be Axed18 February 2004NEVADA -- As reported by the Las Vegas Review-Journal: ``A federal excise tax on wagers taken by sports and race books and keno games would be abolished under a provision attached by Sen. Harry Reid to the six-year, $318 billion transportation bill that passed the U.S. Senate late last week. ``In a statement, Reid, D-Nev., claims the "repeal" of the 0.25 percent tax will save Nevada casinos roughly $100 million. ``Representatives from Reid's offices in Washington, D.C. and in Nevada were not available for comment, and the statement did not make it clear over what period of time the $100 million would be saved. ```If in fact it passes, I would think it would be a very significant figure for the casinos,' said Ellen Whittemore, a gaming attorney and partner with the law firm Lionel Sawyer & Collins in Las Vegas. ``The transportation bill still must pass in the U.S. House of Representatives and be signed by President Bush. ```Gaming is the backbone of Nevada's economy and job market, and repealing this tax will keep that backbone strong,' Reid said in the statement..." |