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Bill to Tax Online Poker & Online Gambling Announced by Jim McDermottFri, Jun 8th, 2007 @ 12:00am Rep. Jim McDermott (D-Wash.) introduced the Internet Gambling Regulation and Taxation Enforcement Act (IGRTEA), just hours after Rep. Robert Wexler (D-Fla.) announced The Skill Game Protection Act to make skill games (including poker, mah-jongg, bridge, and chess) exempt from the 1961 Wire Act and the Unlawful Internet Gambling Enforcement Act (UIGEA) passed last October. The UIGEA made it illegal for financial institutions (like banks and credit card companies) to handle transactions between US residents and online gambling sites. The Wire Act made it illegal for sports bets to be placed over telephone lines. Congressman McDermott's legislation functions as a companion bill for Rep. Barney Frank's (D-Mass.) bill HR 2046, the Internet Gambling Regulation and Enforcement Act (IGREA), and could possibly be discussed along with other U.S. Internet gambling legislation during today's House Financial Services Committee hearing at 10 a.m. EST (click here for article on Frank's bill introduction). HR 2046 seeks to establish a licensing and enforcement framework for regulated Internet gambling in the USA. McDermott's bill is meant to serve as the taxing mechanism. McDermott's measure would create a tax regime for U.S. online gambling companies expected to generate $6-$25 billion in U.S. tax revenues in its first five years of enactment, according to the representative's press office. THE 2 PERCENT RULE Under the licensing legislation, each Internet gambling operator licensed by the Financial Crimes Enforcement Network (FinCEN) would be required to pay a fee of 2 percent of all funds deposited by any person placing a bet. The license fee would be paid solely by the Internet gambling operator and would not be deducted from the deposit of the person placing a bet. Licensed operators would also be required to ensure the collection of applicable federal and state taxes from licensees and from individual gamblers. Just to keep the ever-growing online gambling related legislation straight, there is one other legislation, introduced this spring by Rep. Shelley Berkley (D-Nev.), that calls for a one-year study of the feasibility of technology to regulate online gambling in the U.S., and the effects online gambling would have on the U.S. market (click here for related article). Read Related Articles:
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Judge to Rule Oct 15 on Kentucky Online Poker Domain Seizure After hearing arguments in a Franklin County courtroom yesterday from both sides regarding Kentucky Governor Steve Beshear's directive to seize 141 online gambling domains, including such major online poker sites as Bodog, CakePoker, Full Tilt Poker, Ultimate Bet, and PokerStars, Judge Thomas Wingate stated that he needs one week to review both sides of the case, so he plans to announce his final historic ruling on October 15th.
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