Tracking down a lead on Rep. Jim McDermott's (D-Wash.) Internet Gambling Regulation and Taxation Enforcement Act.
It is meant to accompany Barney Frank's IGREA and serve as the tax mechanism. It claims to be able to generate 6-25 billion in the first five years. As soon as I get a copy of the bill, I will post it and an accompanying story.
It will be one of the many recent legislative attempts presented at the House Financial Services hearing tomorrow.
all of this news is pretty exciting. thanks McLane39
According to McDermott's press office, the rep. is scheduled to speak tonight on the House floor about his taxation bill.
The actually bill will not be available until tomorrow, but I will post a story soon about the bill, and some of things it will entail.
Here is the story...we will update this article and thread when the bill becomes available...
Quote:
McDermott introduces Internet Gambling Regulation and Taxation Enforcement Act
June 07, 2007
by Ryan McLane
Rep. Jim McDermott (D-Wash.) introduced the Internet Gambling Regulation and Taxation Enforcement Act (IGRTEA) today, just hours after Rep. Robert Wexler (D-Fla.) announced he would introduce a bill amending the Unlawful Internet Gambling Enforcement Act (UIGEA).
McDermott's measure would create a tax regime for U.S. online gambling companies expected to generate $6-$25 billion in U.S. tax revenues in its first five years of enactment, according to the representative's press office.
The bill is meant to serve as the tax mechanism for Rep. Barney Frank's (D-Mass.) Internet Gambling Regulation and Enforcement Act (IGREA) and could possibly be discussed along with other U.S. Internet gambling legislation during tomorrow's House Financial Services Committee hearing at 10 a.m.
McDermott is slated to introduce the bill on the house floor this evening, according to spokesperson Mike Decesare, but he was unable to confirm whether the legislation will officially be a part of tomorrow's hearing proceedings.
Rep. Robert Wexler's Skill Gaming Protection Act calls for a skill-game exemption (poker, Mah jong, chess, bridge, backgammon) to the UIGEA and the Wire Act.
The UIGEA makes it illegal for financial institutions to allow U.S. consumers to make transactions with Internet gambling companies, while the Wire Act make it illegal to make or accept sports bets using a wired communication device.
Frank's legislation calls for replacing the UIGEA with legislation that allows Internet gambling companies to operate in the U.S. in a regulated environment. Wexler is trying to separate games of skill from games of chance.
In another attempt, Rep. Shelley Berkley (D-Nev.) introduced legislation this spring that calls for a one-year study of the effects online gambling would have on the U.S. market.
Thanks for keeping everyone informed of what's going on out there in regards to the laws surrounding online gambling. It affects all of us, so much appreciated. Hopefully we see something positive from it.