Pennyslvania Also Weighting in on Gambling
Pennsylvania is another state to start looking at gambling’s legalizaiton to bring in money it needs. The state already has a working budget that includes table game gambling as a means of generating funds. Though a few short years ago it was unheard of to use gambling as a budgetary item, in today’s world things are changing quickly. Not only is gambling quickly becoming the “go to” activity for states in need of extra money, but it is also being added to the budgets. Funds coming in are already being earmarked for certain activities in the state’s budget like education, roads, construction, and public works programs.
The House voted in favor of a large gambling Bill that would bring sweeping changes to the casino industry in the Northeast. The Bill, which was passed by a close 97-95 vote, sets tax and licensing rates, and also appropriates the money to various places in the budget. There is also a seperate bill that the House also voted in favor of and this one channels gambling funds directly to education costs at state-run unversities. The recession has made it difficult for most colleges and universities to keep providing financial help to students without funds of their own. Many scholarships and funds have been cut as a result of the recession. Now the state is looking to revitalize the world of education by focusing gambling funds directly to the cause of scholarship funding.
Despite some changes, there is still a split among parties regarding gambling and legalizing it. The House majority Democrats were able to push legislation through even though most Republicans voted against it. It’s a hot-topic in the world of politics today and it is motsly Democrats who are pushing it into legalization and regulation.
The final approval is needed though to move forward. The House is set to rule on the issue. If approved, the tax rate for race tracks would be 16% for any table game. The rate would drop to 14% in 2011. A one-time licensing fees would be $16.5 million. The money brought in by legalizing gambling is nothing to deny. It’s a huge opportunity for the state, but legislators have to be careful to not earmark the funds too quickly. Though it sounds good, will people really start gambling again? Is the economy recovered enough for people to regain their confidence in the market? Only time will tell.
Tags: bill, House, legal, Pennsylvania
