Online Casino Transfer: News - McDermott Intro's Companion Bill

04/14/2010		Online Casino Style: News McDermott Intro's Companion Bill
Home History Games News Dictionary		New news has become available on the ever-present question of legalization of the online gambling industry in the United States this week, as another politician has introduced a bill that will act as a companion proposal to the existing move by Barney Frank. As the internet gambling world looks on, watching the impending success by Barney and his co-signors to have the Unlawful Internet Gambling Enforcement Act overturned with the passage of HR 2267, fellow Democratic Representative Jim McDermott has now introduced a companion bill to ease HR2267’s passage. According to reports now making their way through the online casino community, Representative McDermott has introduced what is being described as an updated version of the Internet Gambling Regulation and Tax Enforcement Act of 2010, a proposal that would effectively legalize internet casinos, and lay the groundwork for profitable regulation of the industry. This new, updated version suggests that all the applicable taxes and fees generated would primarily serve to finance state and federal budgets currently in dire need of new income. The most significant change in the new bill, compared to the original, introduced in 2009, would be the addition of a provision dictating that each State and Tribal government be paid a share of the money generated, specifically calling for six percent of all the deposits made by residents in their corresponding jurisdictions be given straight to the governments. The alteration is expected to result in as much as $30 billion over the next decade. According to a report by the Washington DC publication The Hill, the Washington State Representative McDermott was in strong favor of the changes, saying that “state government budgets have been hit hard by the recession and social services, like children's health insurance, are suffering." Should the measures be ratified, another significant portion of the tax profits generated would go directly back into the community, as 25 percent of the federal revenue collected would be assigned to provide assistance to children in foster care.

04/14/2010

Online Casino Style: News
McDermott Intro's Companion Bill

New news has become available on the ever-present question of legalization of the online gambling industry in the United States this week, as another politician has introduced a bill that will act as a companion proposal to the existing move by Barney Frank. As the internet gambling world looks on, watching the impending success by Barney and his co-signors to have the Unlawful Internet Gambling Enforcement Act overturned with the passage of HR 2267, fellow Democratic Representative Jim McDermott has now introduced a companion bill to ease HR2267’s passage.

According to reports now making their way through the online casino community, Representative McDermott has introduced what is being described as an updated version of the Internet Gambling Regulation and Tax Enforcement Act of 2010, a proposal that would effectively legalize internet casinos, and lay the groundwork for profitable regulation of the industry. This new, updated version suggests that all the applicable taxes and fees generated would primarily serve to finance state and federal budgets currently in dire need of new income.

The most significant change in the new bill, compared to the original, introduced in 2009, would be the addition of a provision dictating that each State and Tribal government be paid a share of the money generated, specifically calling for six percent of all the deposits made by residents in their corresponding jurisdictions be given straight to the governments. The alteration is expected to result in as much as $30 billion over the next decade.

According to a report by the Washington DC publication The Hill, the Washington State Representative McDermott was in strong favor of the changes, saying that “state government budgets have been hit hard by the recession and social services, like children's health insurance, are suffering." Should the measures be ratified, another significant portion of the tax profits generated would go directly back into the community, as 25 percent of the federal revenue collected would be assigned to provide assistance to children in foster care.