ATLANTIC CITY, N.J. (AP) — New Jersey lawmakers are considering a bill that would redirect some sports betting taxes from a state agency to the city of Atlantic City for property tax relief.
The measure, introduced last month by state Sen. Troy Singleton, a southern New Jersey Democrat, would redirect the 1.25% tax on sports betting that currently goes to the Casino Reinvestment Development Authority.
The money is currently used by the state agency to market and promote Atlantic City. Under the bill, it would instead go to the city for local property tax relief.
“This would be a huge win for the taxpayers of Atlantic City, who would finally be able to benefit from the sports betting that is going on in their city,” said Mayor Marty Small.
But the bill’s future is murky. It was introduced Dec. 13 and sent to a state senate committee.
If it is not advanced from the committee and approved by both houses of the state Legislature before the current session ends Monday, it would need to be reintroduced in the next legislative session that begins on Tuesday.
A list of bills posted Thursday for voting scheduled on Monday did not include the bill.
Small said the city could receive several million dollars a year if the measure is enacted. He has long complained that Atlantic City does not share in the proceeds of New Jersey’s nation-leading sports betting market.
Atlantic City’s nine casinos and the three horse tracks that accept sports bets have taken nearly $10 billion worth of sports bets over the first 11 months of 2021.
That market is expected to shrink this year after New York state begins allowing mobile sports bets on Saturday; industry executives say about 25 to 30% of New Jersey’s sports bets are made by New York residents crossing the border into New Jersey.