June 13, 2007

The Congress Trudges Along With Internet Gambling Regulation

In a continuing attempt to get a handle on internet gambling with something other than just a sledge hammer, Rep. Jim McDermott is taking his stab at a tax framework. We certainly hope that some kind of agreement can be met on these issues because a flat ban is simply no fun.

From Gambling Planet:

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.