he peer-reviewed report was released at the National Tax Association 103rd Annual Conference on Taxation, held last week. Thomas A. Garrett, assistant vice president of the Federal Reserve Bank of St. Louis, reviewed the report and led a discussion on its findings.
The National Tax Association, founded in 1907, in its own words, "is a nonpartisan, nonpolitical educational association that fosters study and discussion of complex and controversial issues in tax theory, practice and policy, and other aspects of public finance.
The Spectrum white paper focused on the critical relationship between casino tax rates and public policy, providing detailed examples and insights into how the tax rate impacts capital investment, employment, tourism development and other factors.
The report noted in its opening paragraphs: "The legalization of casino gambling is arguably one of the most critical public policy decisions that state lawmakers will make during their tenure. Such legislation authorizes an entirely new industry that offers a wide range of potential impacts. While lawmakers will pay close attention to many facets of the proposed legislation - from the number of casinos to their locations and licensing requirements - few lawmakers pay close attention to what is arguably the most essential aspect of gaming legislation: the tax rate on gross gaming revenue."
Spectrum Managing Director Michael Pollock presented the paper at the prestigious conference. The report was built on decades of research by Spectrum principals who have worked with government agencies and private clients in establishing, reviewing and refining gaming policies. In just the past five years, Spectrum has worked with government clients in Singapore, Pennsylvania, New Jersey, Delaware, West Virginia, Maine, Maryland, Florida, Massachusetts, Connecticut and Puerto Rico.