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New Jersey Phases Out Comp Tax

TRENTON, New Jersey – As reported by the Press of Atlantic City: "Before the casino industry agreed to send $21.5 million a year in purse money to the three racetracks at the northern end of the state, it first got a commitment from state government to phase out one of the more expensive items from last year's $90 million tax increase.

"Although it will not be part of the written agreement, several people involved in the casino-horse racing negotiations confirmed Wednesday that legislation will be introduced that would gradually eliminate the state's $26 million-a-year tax on complimentary rooms and meals offered by casinos. The comp tax, which stands at 4.25 percent, would be reduced by one-third in 2005, another third in 2006 and eliminated entirely in 2007.

"… Also agreed upon, according to those involved in the negotiations, is a four-year moratorium on tax increases that specifically target the casino industry…"

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