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New Georgia House plan calls for higher sports betting tax

New Georgia House plan calls for higher sports betting tax
New Georgia House plan calls for higher sports betting tax
Published: Feb. 22, 2021 at 9:48 PM EST
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ATLANTA (AP) — A Georgia House panel is hoping to push a bill that would up taxes and give licenses for sports betting.

The House Economic Development and Tourism Committee earlier approved a bill that would legalize the practice and tax bookmakers’ profits at 14 percent.

The committee on Monday approved a revised version that would tax profits at 20 percent. A competing Senate bill would tax profits at only 10 percent.

Republican Rep. Ron Stephens of Savannah, who is sponsoring the bill, has said previously that he wants a tax rate between 10 and 20 percent.

The bill mandates that the Georgia Lottery Corp. give licenses for sports betting. After companies pay winnings, the state would tax the rest. Stephens estimated taxes would reap more than $30 million yearly for college scholarships and prekindergarten classes.

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