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Senate Panel Approves Sliding Scale Tax Rate for Slot Machines7 December 2005TALLAHASSEE, Florida -- As reported by the Sun-Sentinel: "Hoping to boost the dollars that would flow from slots into Florida's public schools, a Senate committee on Tuesday approved a sliding scale tax rate on the machines that is far lower than what the House wants. "If we limit the number of machines and set too high a tax then we drive the revenue to places that we don't get any tax from," said Sen. Bill Posey, R-Rockledge, referring to untaxed Indian gaming. ..."While the House bill calls for a flat 55 percent tax rate on slot machines the original Senate bill set the tax rate at 45 percent. The revised Senate plan would put a 35 percent tax on the first $125 million in slots revenues and use a sliding scale that would peak at 55 percent on all revenues greater than $500 million. "Legislative analysts have told lawmakers that a lower tax rate will bring more money into the state for education Industry lobbyists said they hope this week's special session will result in a bill that is 'commercially reasonable.'..." |