Noticias de ultima
  • 12.00 EGT Digital and PublicWin: A successful combination in Romania
  • 12.00 EGT and EGT Digital will be platinum sponsors of Casino Operations Summit for second year in a row
  • 12.00 Meet Vainaboa: a new Pay4Fun integration
  • 12.00 BOO! Beat: Music and Mystery with WorldMatch
  • 12.00 The CPI of Sports Betting approves plan and calls Botafogo's Textor
  • 12.00 Massachusetts Gaming Commission published revenue figures for casino and sports wagering for March
  • 12.00 Controversy in the NBA: Jontay Porter bans for violating gambling policy, betting on games
  • 12.00 March: PA Achieves Another Record in US Online Casino Revenue, Surpassing $233,1 M
  • 12.00 Restrictions on online gaming advertising in Madrid to be reviewed
  • 12.00 Uplatform nominated for AffPapa iGaming Awards 2024

Illinois eyes sports-betting tax hike for fiscal 2025 budget

Friday 23 de February 2024 / 12:00

2 minutos de lectura

(Illinois).- Illinois Governor J.B. Pritzker is proposing a $52.7 billion budget for the year starting in July that raises levies on sports betting and extends caps on corporate tax deductions.

Illinois eyes sports-betting tax hike for fiscal 2025 budget

The measures, announced on Wednesday, would leave the state with a budget surplus rather than a previously estimated deficit of about $721 million. The state expects a $128 million surplus once it contributes to its rainy day fund. The spending plan includes raising more than $800 million in revenue for fiscal 2025 in part by hiking a sports-betting tax.

Pritzker, a billionaire Democrat serving his second term, is proposing to increase Illinois’ sports-wagering tax from 15% to 35%. He also wants to extend a cap on corporate net operating losses that was set to sunset this year to keep about $526 million coming into state coffers that would have been lost if it ended. The budget also proposes to cap a sales tax rebate for retailers.

The budget proposal “makes some hard choices,” Pritzker said in a speech on Wednesday, acknowledging that he expects some legislators will want to spend more and others less.

“I wish we had big surpluses to work with this year to take on every one of the very real challenges we face,” he added.

Total general funds revenue for fiscal 2025 will be nearly $53 billion, up 1.5% from the year ending in June 30. Revenue for the current year will be about $52 billion, $199 million more than projected a few months ago.

Expenditures are set to rise to about $52.7 billion, up 1.4% from this year. Pritzker is proposing $182 million more for migrant services and $500 million in bonds to invest in expanding the state’s quantum technology industry. Spending in education is set to increase 3.7% to about $13.4 billion. Increased spending for public safety and health care are also a part of the proposal.

The state will contribute $10.1 billion to its underfunded pensions. Separately, the governor is proposing a plan to lift the funding level to 100% by 2048 from the current statutory mandate of 90% by 2045.

Illinois’ rainy day fund will receive $205 million this year and another $170 million in fiscal 2025 to bring its total to $2.3 billion.

Over the last three years Illinois has enjoyed a significant financial turnaround after enduring the initial shocks of the pandemic. The state used surpluses to pay back debt as well as unpaid bills.

Given such efforts under the Pritzker administration, the state has received nine credit rating upgrades over the past five years, pulling it back from the brink of a junk rating during the height of the pandemic. Its penalty to borrow from the municipal bond market has also improved.

The spread on Illinois’ 10-year bonds shrank to about 67 basis points above the AAA benchmark Wednesday. That is much lower than as much as 440 basis points in May 2020 at the height of the pandemic, according to data compiled by Bloomberg.


Tags: Sin tags

País: United States

Región: North America



09 de April 2024

Fast Track pushes innovation and customisation in the iGaming industry at GAT Expo 2024

(Cartagena de Indias, Exclusive SoloAzar) - At GAT Expo Cartagena 2024, Fast Track stood out with its innovative CRM solutions designed specifically for the iGaming industry. Muriel Le Senechal, Solutions Consultant at Fast Track spoke about her good experience at the show, the exceptional feedback at Fast Track's booth, which impressed visitors with its real-time data integration and AI and finally reflected on GAT's 25th anniversary as an evolution in the Latin American gaming industry.

Thursday 18 Apr 2024 / 12:00

Rocío Moitino from AIR DICE: “GAT has developed into a key event for the industry”

(Cartagena, SOLOAZAR Exclusive).-After AIR DICE's visit to the twenty-fifth edition of GAT Expo Cartagena 2024 Rocío Moitino, the company's Sales Director, reviews with us the highest points of the successful exhibition that took place at the Center of Las Américas Conventions, Cartagena de Indias, Colombia.

Wednesday 17 Apr 2024 / 12:00

NOVOMATIC was the epicenter of innovation and entertainment at GAT Cartagena

(Gumpoldskirchen).– GAT Expo, one of the flagship events of the Latin American gaming industry, commemorated its 25th anniversary from April 9 to 11 at the Hotel Las Américas in Cartagena de Indias. As a platinum sponsor, NOVOMATIC dazzled with a superb display of solutions, led by the NOVOMATIC Gaming Colombia team, the local subsidiary of the Austrian Group, and with the participation of renowned executives from Peru, Serbia, Austria and Ecuador.

Wednesday 17 Apr 2024 / 12:00


Para suscribirse a nuestro newsletter, complete sus datos

Reciba todo el contenido más reciente en su correo electrónico varias veces al mes.