Bill would raise slot jackpot tax report threshold to $5,000

By WAYNE PARRY
Associated Press

ATLANTIC CITY, N.J. (AP) — The gambling industry and some of its allies in Congress are renewing a push to decrease the number of slot machine jackpots that get reported to the IRS. Legislation introduced Thursday is being touted as a benefit to casinos, which would need to take fewer slot machines out of service temporarily while tax forms and filled out for winning patrons. But it also would have the practical effect of preventing more slot jackpot winners from having their winnings reported to the government. The bill would increase the threshold for IRS reporting of slot jackpots from the current $1,200 to $5,000.