LA proposal to raise taxes on sportsbooks and give money to D1 athletic programs

[cyatheart]

this needs to happen in Iowa. Tax rate on the sportsbooks is a joke, only 6.75% in Iowa right now. NY is 50% which is too high, but they could do 20% easy.

Sports gambling tax could double in Louisiana to fund college athletics • Louisiana Illuminator

A proposal to more than double the tax placed on sports gambling in Louisiana – and dedicate some of that revenue to Division I athletics programs – is moving forward in the state legislature.

lailluminator.com

A proposal to more than double the tax placed on sports gambling in Louisiana – and dedicate some of that revenue to Division I athletics programs – is moving forward in the state legislature.
The House Appropriations Committee voted Monday to advance House Bill 639 by Rep. Neil Riser, R-Columbia, to increase the tax on sports gambling from 15% to 32.5%. The higher rate aligns with the tax the state places on video poker.
The proposed increase in sports gambling taxes has support from conservative and progressive corners, both saying the revenue should be used to offset the “social ills” of gambling. The new rate would generate another $2 million for addiction programs.

 

[1UNI2ISU]

$20M to Iowa State, $20M to Iowa, $10M to UNI annually.

Who says no?

 

[Chitowncy]

Thanks for posting this. That’s interesting. If you want it to happen in Iowa, write your legislators NOW. There’s limited time left in this legislative session and they won’t be back in session again until January of next year.

My initial inclination was: we don’t need to be funding college athletics with state gambling tax revenues, we need to be better at funding K-12 education, soil and water conservation and initiatives, and social / financial support for low-income families and children, but it is revealing that Iowa is so much lower than other states in our tax rate of the sportsbooks. Seems we could raise that tax, which is already low, and add more to the general state budget to support those social programs, and also maybe add a percentage for the three main public schools?

Interesting idea and thanks for posting.

 

[KCy]

I guess I would say no. I'd give it to improve roads, schools, pay teachers/police/fire dept etc. I'm not totally against it but we are paying college athletes too much. Just my opinion.

 

[cyclone87]

Believe North Carolina is also proposing something like this. Iowa has to be dead last in taxing sports betting, I think Nevada is also pretty low.

 

[Letterkenny]

$20M to Iowa State, $20M to Iowa, $10M to UNI annually.

Who says no?

I have a feeling it'll end up more like $30mill to Iowa, $15mill to Iowa State, $5mill to UNI.

 

[Clonefan94]

Thanks for posting this. That’s interesting. If you want it to happen in Iowa, write your legislators NOW. There’s limited time left in this legislative session and they won’t be back in session again until January of next year.

My initial inclination was: we don’t need to be funding college athletics with state gambling tax revenues, we need to be better at funding K-12 education, soil and water conservation and initiatives, and social / financial support for low-income families and children, but it is revealing that Iowa is so much lower than other states in our tax rate of the sportsbooks. Seems we could raise that tax, which is already low, and add more to the general state budget to support those social programs, and also maybe add a percentage for the three main public schools?

Interesting idea and thanks for posting.

Yeah, college athletics and the money involved is really beginning to reach a tipping point for me. Cuts in education spending, social programs and many other things that could help the public, but hey, let's drum up some extra tax money so we can pump it into college sports.

I guess the one saving grace is that the sports books do rely a lot on college sports to make their money.

 

[Clonehomer]

Yeah, college athletics and the money involved is really beginning to reach a tipping point for me. Cuts in education spending, social programs and many other things that could help the public, but hey, let's drum up some extra tax money so we can pump it into college sports.

I guess the one saving grace is that the sports books do rely a lot on college sports to make their money.

They also rely on the public’s discretionary income to make their money. Perhaps this is better suited to go back to public works in the communities that this money is coming from.

I’m all for increasing the taxes on gambling operators, but to funnel all that money to 3 cities in the state just doesn’t seem right.

 

[brentblum]

Having Iowa State become a group of 5 school would do far more damage to the state economy than raising $10-20 million in some capacity from entities that could help the cause.

 

[harimad]

this needs to happen in Iowa. Tax rate on the sportsbooks is a joke, only 6.75% in Iowa right now. NY is 50% which is too high, but they could do 20% easy.

Sports gambling tax could double in Louisiana to fund college athletics • Louisiana Illuminator

A proposal to more than double the tax placed on sports gambling in Louisiana – and dedicate some of that revenue to Division I athletics programs – is moving forward in the state legislature.

lailluminator.com

A proposal to more than double the tax placed on sports gambling in Louisiana – and dedicate some of that revenue to Division I athletics programs – is moving forward in the state legislature.
The House Appropriations Committee voted Monday to advance House Bill 639 by Rep. Neil Riser, R-Columbia, to increase the tax on sports gambling from 15% to 32.5%. The higher rate aligns with the tax the state places on video poker.
The proposed increase in sports gambling taxes has support from conservative and progressive corners, both saying the revenue should be used to offset the “social ills” of gambling. The new rate would generate another $2 million for addiction programs.

Wtf is wrong with this country? Use tax money on failing infrastructure and schools.

 

[HFCS]

Thanks for posting this. That’s interesting. If you want it to happen in Iowa, write your legislators NOW. There’s limited time left in this legislative session and they won’t be back in session again until January of next year.

My initial inclination was: we don’t need to be funding college athletics with state gambling tax revenues, we need to be better at funding K-12 education, soil and water conservation and initiatives, and social / financial support for low-income families and children, but it is revealing that Iowa is so much lower than other states in our tax rate of the sportsbooks. Seems we could raise that tax, which is already low, and add more to the general state budget to support those social programs, and also maybe add a percentage for the three main public schools?

Interesting idea and thanks for posting.

It’s complex because ISU and Iowa sports drive a ton of economic activity themselves. Iowa football being in the money league isn’t really at risk but ISU fb falling into mid major territory because of money would be an economic blow to central Iowa.

On the surface obviously funding k-12 and the state schools themselves is far more noble.

 

[Tre4ISU]

$20M to Iowa State, $20M to Iowa, $10M to UNI annually.

Who says no?

Me. We have a whole lot of places money can go before funding athletic programs, particularly teachers and primary education. I have the same issue when a school spends hundreds of thousands of dollars on high school sports facilities and then people complain about actual needed items not being up to snuff and the money not being there. Well, yeah, it was, but people decided they needed a shiny new whatever for a particular sport that provides zero value to the kids.

 

[Tre4ISU]

Yeah, college athletics and the money involved is really beginning to reach a tipping point for me. Cuts in education spending, social programs and many other things that could help the public, but hey, let's drum up some extra tax money so we can pump it into college sports.

I guess the one saving grace is that the sports books do rely a lot on college sports to make their money.

From a different angle I'm a little put off by people donating amounts of money to their hobby that could bring real change to communities. I'm not talking about the vast majority of ISU We Will donations. I'm talking about the people who are spending millions on this stuff. I know it's none of my business and I know they are free to do what they want with their money but I'm also free to think that they could be doing something else that's so much more beneficial to so many more people.

 

[cytor]

$20M to Iowa State, $20M to Iowa, $10M to UNI annually.

Who says no?

I say all of it to ISU. Period.

 

[cyatheart]

Having Iowa State become a group of 5 school would do far more damage to the state economy than raising $10-20 million in some capacity from entities that could help the cause.

exactly.

 

[1UNI2ISU]

Me. We have a whole lot of places money can go before funding athletic programs, particularly teachers and primary education. I have the same issue when a school spends hundreds of thousands of dollars on high school sports facilities and then people complain about actual needed items not being up to snuff and the money not being there. Well, yeah, it was, but people decided they needed a shiny new whatever for a particular sport that provides zero value to the kids.

I don't disagree but that horse is so far out of the barn that it's three counties over at this point.

 

[Tre4ISU]

I don't disagree but that horse is so far out of the barn that it's three counties over at this point.

Yeah so I suppose we just throw our hands up in the air and throw more money out the window that could be used for necessary endeavors.

 

[cyatheart]

Sports betting taxes by state:
NV - 6.75%
Iowa 6.75%
Michigan - 8.4%
Indiana - 9.5%
Arizona, Colorado, WV, WV - 10%
Conn - 13.75%
NJ - 14.25% (online)
MD, VA - 15%
NC - 18%
Arkansas 20%
PA - 36%
DE, NY, NH, RI - 50%

The state gets nothing from the sportsbooks, the rate is idiotic, and they employ nobody in the state. Raising taxes does nothing for the state budget overall, it's too small in dollar terms, but even a few million for the AD would really help us out since they deal with all the compliance and nonsense this has created in IA especially.

 

[CYdTracked]

Pollard was on KXNO the other week and mentioned he and Gary Barta floated the idea 7 years ago that they should consider giving some of the gambling revenue to fund that state institutions and were laughed at by the board of regents. Wonder if that attitude will change eventually. Pollard basically said at some point the BOR will have to make a decision whether or not they will fund the state universities because the current model is not going to be sustainable if Iowa and ISU want to remain in power conferences.

 

[NATEizKING]

Build a casino in CyTown