Vote Smart's Synopsis:

Vote to pass a bill that authorizes Atlantic City casinos to make alternative payments in lieu of property taxes.

Highlights:

• Exempts Atlantic City casinos from property taxes, effective for tax years 2015-2029 (Sec. 3).

• Requires the casinos to make an annual collective payment of $120 million to the city for tax years 2015-2029 in lieu of property taxes (Sec. 3).

• Requires the $120 million collective payment to be adjusted annually for inflation, as measured by the Consumer Price Index (CPI), by no more than 2 percent (Sec. 3).

• Requires the casinos to make an additional collective payment of $30 million to the city in tax years 2015 and 2016 (Sec. 4).

• Establishes a formula to determine each individual casino’s portion of the $120 million annual payment, consisting of the following factors (Sec. 3):
• The geographic footprint of the casino gaming property;
• The number of hotel rooms in each casino; and
• The gross gaming revenue of the casino from the prior calendar year.

Full Bill Text