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Massachusetts homeowners could win with casino bill10 October 2007MASSACHUSETTS -- As reported by the Boston Globe: "Nearly a million homeowners across the state could receive an income tax break equal to 4 percent of their property taxes under Governor Deval Patrick's soon-to-be-unveiled casino bill, according to a Department of Revenue analysis. "The analysis details how Patrick expects to deliver on a key benefit, providing property tax relief, that he has cited as a rationale for inviting developers to build three resort casinos in Massachusetts. "According to the bill, expected to be released later this week, the state would distribute hundreds of millions in casino revenue as tax reductions to homeowners whose local property taxes equal at least 2 1/2 percent of their annual income. "The governor has projected that casinos would generate hundreds of millions of dollars in annual revenues for the state, by turning over 27 percent of total gambling proceeds. After paying to beef up law enforcement, set up a regulatory agency, and fund addiction programs, the state would be left with an estimated $400 million a year. "...Although individual taxpayers would benefit under the governor's plan, city and town governments, which have clamored for years for decreased dependence on property taxes to finance local services, are unlikely to be mollified. "...The average tax credit would be $204, slightly lower than the $215 the Patrick administration had projected previously. The actual dollar figure would vary considerably from community to community..." |