The New Jersey Senate has voted to provide interest-free loans to Atlantic City casinos that made their required payments in lieu of taxes during the Coronavirus pandemic.
State casinos have been closed since March to slow the spread of COVID-19 in New Jersey. Governor Phil Murphy has said he hopes to allow them to reopen by July 4th.
The legislation permanently expands the tax deductions casinos can take for promotional gaming credits and reduces the tax liability for one year on gross revenue if a casino suffered revenue losses on its brick-and-mortar operations during the pandemic.
Casinos also would be able to defer their licensing payments to the state until six months after they’re permitted to reopen and $500 licensing fees imposed on every slot machine would be waived until June 30, 2021.
Read more about the potential tax breaks for Atlantic City casinos at NJ.com