Interactive Gaming And Taxes – Nevada’s Legislature Considers Gaming Amendments And The IRS Clarifies Slot Machine Withholding Requirements

Nevada Legislature Considers Changes Critical to Gaming Industry -

In the 2013 Nevada legislative session, the Nevada Legislature is considering a number of key legislative changes that would impact the gaming industry. Companies involved in gaming in Nevada should keep an eye on the following recently introduced bills:

Interactive Gaming -

Currently, a Nevada-licensed operator of interactive gaming may only offer such gaming to individuals located outside the State of Nevada if the Nevada Gaming Commission (the “Commission”) determines that a federal law has been enacted that authorizes that specific type of interactive gaming, or if the Board or the Commission is notified by the U.S. Department of Justice that federal law permits the operation of that specific type of interactive gaming. In a bill draft submitted to the Nevada legislature in January, 2013, the Nevada Gaming Control Board (the “Board”) has proposed an amendment to this language that would allow Nevada's governor to enter into agreements with other states that legalize Internet poker. Assembly Bill 5 would remove the requirement that interstate interactive gaming licenses are ineffective until such gaming is authorized by either federal legislation or the United States Department of Justice, but adds the requirement that interstate interactive gaming must first be permissible under federal law.

Please see full article below for more information.

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Topics:  DOJ, Gaming, Gaming Commissions, Interactive Gaming, Internet Gambling, IRS, Live Entertainment Tax, Slot Machines, Withholding Tax

Published In: Art, Entertainment & Sports Updates, General Business Updates, Science, Computers & Technology Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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