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Home > Blogs > Ohio politics > Archives > 2010 > June > 10 > Entry
Strickland signs casino bill; rips tax deduction provision
Gov. Ted Strickland on Thursday, June 10, signed House Bill 519, legislation establishing rules for Ohio’s four new casinos.
Strickland made clear he doesn’t like a provision in the new law creating an income tax deduction for gambling losses.
“…I am disappointed that this bill also creates a new income tax deduction for gambling losses on bets placed at casinos, horse races, bingo halls and other forums, both in state and out of state,” he said in a press release.
“This new tax deduction represents a policy shift for the state of Ohio, which has never before used its income tax laws to subsidize losses incurred from gambling. The Ohio Department of Taxation estimates that this tax deduction will reduce the state budget by $60 million to $80 million per budget cycle starting in fiscal year 2014.”
The governor may have been getting a little ahead of himself, however, with his pledge to try to remedy the situation.
“I will be working diligently to reverse this fiscally irresponsible and misguided decision in budget discussions next year,” he said.
To get to the budget talks, Strickland first must win re-election on Nov. 2 against Republican challenger John Kasich.
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By Reality Check
November 14, 2010 6:35 PM | Link to this
This provision is only allowing gamblers to be taxed on the amount they actually pocket. This is no different than any other tax for businesses, wherein, you can adjust your income based on the amount received less the amount it took to make an earning. Why should gamblers have to pay taxes on all winnings, when, much like anything else in life, it takes money to (possibly) make money. Writing off your cost is only fair and in the true spirit of capitalism.
By L Berry
June 12, 2010 9:25 AM | Link to this
Ohio is one of the few states which does not provide for a tax loss. Currently if I go play the slots and spend $999 to win $1000 I am taxed for the full $1000. That means I will pay about $200 in tax for actually wining a dollar. All of the casinos will provide a win-loss statement upon request. Will I am still waiting on that big win, I am glad Ohio Legislators fixed the law. Taxes on “winnings” should be just that. The net win, not just the total of winings.
By Doozer
June 12, 2010 8:37 AM | Link to this
If you can tax winnings, then why not allow a deduction for losses???????
By Ted doesn't get it
June 11, 2010 11:13 AM | Link to this
The reality is that Ted knows there will be few winners at the end of the year and he wants to take all he can from Ohioans to pay for his mismanagement. The fair thing is only to tax winnings.. Leave this rule/law alone. Hopefully you won’t be around to monkey with it when the election dust settles.
By Papagino
June 11, 2010 11:08 AM | Link to this
Ted never met a tax he didn’t like. I’d have to say that an tax deduction for somthing gambling losses is probably not a great idea. What’s next, a tax deduction for beer purchases? Oh, wait… Yeah, why not?