US Committee to Review Tax Proposals for Online Gambling

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The United States House Committee on Ways and Means has announced that will review tax proposals related to online gambling on Wednesday May 19th.

In a statement on the committee's website it states that: "The Committee will discuss the current tax laws and reporting requirements applicable to wagering in the United States.  The Committee will consider tax and other proposals in the Committee’s jurisdiction related to legislation pending in the Congress to license and regulate Internet gambling activities." 

The committee which has jurisdiction over taxation in the States will discuss the tax and revenue possibilities stemming from legalising online gambling in the US.

Under the Unlawful Internet Gambling Enforcement Act (UIGEA) it is currently illegal to process online gambling funds in the USA and the act is due to come into force on June 1st. The UIGEA makes it illegal for financial institutions to knowingly process gambling payments to and from online gambling sites.

Reports claim that the committee will place emphasis on the possible benefits of legalising online gambling, as well as information gathered by the Department of the Treasury’s research into the “electronic commerce” aspects of internet gambling.  The Ways and Means committee is likely to look at the at Jim McDermott’s HR 4976 internet gambling taxation proposal, a companion bill to Congressman Barney Frank’s HR 2267 bill to legalise online gambling. Congressman Jim McDermott proposed the bill on March 25th and it has since picked up three co-sponsors: Earl Blumenauer, Barney Frank, and John Larson - Blumenauer and Larson are both members of the Ways and Means Committee. The committee also includes some members of the pro-internet gambling movement including McDermott and Shelley Berkley.

The meeting will be chaired by Ways and Means Committee chairman Sander Levin and interested parties have been invited to attend on submission of a written statement.

The hearing will take place on Wednesday, May 19, 2010, in the main Committee hearing room, beginning at 9:30 a.m. in 1100 Longworth House Office Building.

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