The New Jersey Senate State Government, Wagering, Tourism & Historic Preservation Committee has unanimously advanced legislation to require a percentage of sports wagering revenues be used for local tax relief purposes for Atlantic City.
The measures would also authorize the Casino Reinvestment Development Authority (CDRA) to finance transportation projects between the Atlantic City Airport and Tourism District.
The first bill, S-854, would redirect a 1.25 percent tax on sports wagering revenues to Atlantic City for local tax relief to reduce the amount the city is required to raise by property tax levy.
The second bill, S-1110, would authorize CDRA to enter into a contract or agreement with the State or New Jersey Transportation Trust Fund Authority to provide for, or assist in, the financing of a transportation project between the Atlantic City Airport and Atlantic City Tourism District.
“Atlantic City has massive tourist attractions and routinely brings in revenue from casinos. However, local residents are often left at a financial disadvantage,” state Sen. Troy Singleton, D-Burlington, said in a statement. “By improving the transportation network to Atlantic City, and by dedicating a percentage of sports betting revenues for local property tax relief, we can ensure that residents benefit even further from the gaming and tourism industries.”