Bill would aid Atlantic City, casinos on taxes

AP News
Posted: Dec 02, 2014 12:36 PM

ATLANTIC CITY, N.J. (AP) — Atlantic City's eight surviving casinos would get a break on taxes and the city would get help making up for lost revenue under a rescue plan unveiled by two New Jersey lawmakers.

State Senate President Steve Sweeney and Sen. James Whelan said Tuesday their bill would let the casinos collectively pay $150 million in lieu of taxes for two years.

The bill would redirect an investment alternative tax to help pay off $25 million to $30 million of Atlantic City's debt a year.

The plan is designed to help casinos by reducing their annual taxes. It helps the city by giving it a predictable revenue stream without massive casino tax appeals each year that have helped drain the city's coffers.

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Four casinos have closed this year. The plan is designed to prevent any more from going belly-up.