Maryland Governor Wes Moore and key state legislators have reached a budget deal that includes a lower tax hike for online sportsbooks. Originally, Moore proposed doubling the state’s tax rate for Maryland sports betting sites from 15% to 30%. However, the Maryland House of Delegates’ Ways and Means Committee voted in favor of an amended bill that would only increase the tax rate to 20%. This is a significant step back from the initial proposal and could result in substantial savings for operators.
The increased tax revenue would contribute to the state’s general fund and help support education, law enforcement, and firefighters. Lawmakers may have reconsidered the tax hike after observing similar issues in other states, such as Illinois and New Jersey. Additionally, the proposal to increase the tax rate for casino table games was rejected by the committee.
Governor Moore, along with House Speaker Adrienne Jones and Senate President Bill Ferguson, announced a budget framework that aims to provide tax cuts for 94% of Marylanders and generate revenue from those who have been financially successful. This approach contrasts with the national trend of high taxes for the wealthy and increasing costs for everyone else. Overall, the budget deal in Maryland reflects a shift towards a more balanced and equitable approach to taxation and funding for essential services.
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