12-12-2018, 01:30 PM
Gambling growth gives boost to U.S. Bank Stadium reserves
Pulltabs and other charitable gambling have generated so much revenue to pay off U.S. Bank Stadium’s debt that corporate taxes are no longer needed for that purpose, state officials say.
The state projected last week that the reserve account for the stadium will climb to $193 million by 2023, even without an annual infusion from corporate taxes. The rising revenue could even pay off the stadium debt earlier than anticipated, saving hundreds of millions in interest costs.
It’s possible because charitable gambling taxes — the original stadium funding source — have soared after a sluggish start.
The taxes were growing so slowly that in 2013, state leaders had to look elsewhere for a cash infusion. In addition to a one-time tax on cigarettes, officials closed what they described at the time as a corporate tax “loophole” involving overseas income. The corporate tax pumped $20 million a year into the account, money that can now be redirected back to the state’s general fund.
http://www.startribune.com/gambling-grow...502532221/
Pulltabs and other charitable gambling have generated so much revenue to pay off U.S. Bank Stadium’s debt that corporate taxes are no longer needed for that purpose, state officials say.
The state projected last week that the reserve account for the stadium will climb to $193 million by 2023, even without an annual infusion from corporate taxes. The rising revenue could even pay off the stadium debt earlier than anticipated, saving hundreds of millions in interest costs.
It’s possible because charitable gambling taxes — the original stadium funding source — have soared after a sluggish start.
The taxes were growing so slowly that in 2013, state leaders had to look elsewhere for a cash infusion. In addition to a one-time tax on cigarettes, officials closed what they described at the time as a corporate tax “loophole” involving overseas income. The corporate tax pumped $20 million a year into the account, money that can now be redirected back to the state’s general fund.
http://www.startribune.com/gambling-grow...502532221/