Congress Considers Changes to Slot Winnings Tax

The American Gaming Association has recognized Representative Dina Titus and Darin LaHood for her campaigns towards raising the threshold for reporting slot winnings tax from $1,200 to $5,000. Under federal law, casino patrons were previously obliged to report any slot machine winnings upwards of $1,200 or more, while the machine was removed from the casino and the patron signs a W-2G tax reporting form. Following the work of Titus and LaHood, the threshold of which patrons now have to report winnings would be pushed upwards of $5,000. Slot jackpots have gradually increased with inflation over recent years, however the $1,200…