Atlantic City escapes tax rise in 2015 budget approved by state

Reuters News
Posted: Sep 22, 2015 2:36 PM

TRENTON, N.J. (Reuters) - Atlantic City, New Jersey's struggling gambling hub, won state approval on Tuesday to adopt a 2015 budget balanced without tax increases.

The state's Local Finance Board unanimously approved the budget, which relies on at least $33 million of redirected casino revenues included in state legislation that Governor Chris Christie could still veto.

Atlantic City hiked the tax rate by 29 percent last year to offset losses from shuttered casinos and property tax appeals.

(Reporting by Hilary Russ; Editing by Megan Davies and James Dalgleish)