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Pennsylvania May Use Slot Bonds to Cut Taxes

PENNSYLVANIA – As reported by the Bloomberg News:" Pennsylvania may speed up $1 billion in property tax cuts by becoming the second state to sell bonds backed by slot-machine revenue, Treasurer Barbara Hafer said.

"Pennsylvania's Legislature earlier this month approved installing about up to 61,000 slot machines at horse-racing tracks and other sites. Hafer said 34 cents of every dollar put into the slots will go for property tax cuts. Selling bonds would allow the state to cut taxes immediately rather than wait until slot revenue grows enough to pay for them, Hafer said.

"…Hafer, in an interview from Boston where she is attending the Democratic National Convention, said the state might dedicate only some of the projected gambling revenue to paying off the bonds…"

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