New Jersey will tax fantasy sports with 10.5%

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New Jersey will tax fantasy sports with 10.5%

The
bill passed by the Senate of the state (29 voices pro, 6 — contra),
assumes introduction of 10.5% income tax for fantasy sports
operators. This bill has been already approved by the General
Assembly of the state in May, as App.com tells.

According
to State Sen. James Whelan, the bill is more focused on protection of
those who participate in daily fantasy sports tournaments than on
state revenue generation.

“I
hope that the Governor will sign it and we will be able to develop
fantasy sports in New Jersey. This always was one of my purposes”
— Whelan has declared.

The
bill allows fantasy sports operators to cooperate with casino and
organizers of races, but doesn’t oblige them to such cooperation.
Besides, the bill forbids using student’s competitions in fantasy
tournaments.


The
decision on fantasy sports legality has been made in in May, 2016.
Firstly, fantasy sports on the territory of the USA have been
legalized in Mississippi, New York, Colorado, Missouri, Indiana,
Virginia, Tennessee and Massachusetts.

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