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Congress Passes Fiscal Cliff Deal with Potential Tax Benefits for the Gaming Industry

The end of 2012 and the early hours of 2013 for the United States were filled with anxiety with respect to whether the politicians could reach an agreement to avert the United States economy falling over the “fiscal cliff.” An agreement was reached in the early hours of 2013 in legislation passed by Congress entitled the “American Taxpayer Relief Act” (H.R. 8). The American Taxpayer Relief Act temporarily eliminates the risk of a shock to the economy which may have resulted due to the mix of drastic tax increases and cuts in federal spending. For the gaming industry, the American Taxpayer Relief Act operates to extend a host of favorable business tax law programs.

Provisions of the American Taxpayer Relief Act which may be beneficial to the gaming industry include:

  • Extending the research credit.

  • Extending bonus depreciation.

  • Renewing favorable recovery periods for the costs associated with certain qualifying leasehold and retail improvements and restaurant property.

  • Extending the Work Opportunity Credit.

  • Renewing the Indian Employment Credit and allowing for accelerated depreciation for property located on Indian reservations.

A more comprehensive overview of the potential benefits of the American Taxpayer Relief Act for the gaming industry is the subject of an upcoming article appearing in Casino Enterprise Management written by Dickinson Wright member Peter J. Kulick.

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The gaming industry faces a myriad of complex issues. Therefore, casinos, casino developers and others involved in the gaming industry require a legal team with the knowledge and experience to provide a full-service solution. Dickinson Wright boasts a team of lawyers with diverse specialties that cover the entire spectrum of today's commercial and Indian gaming industries, both nationally and internationally. The gaming practice’s areas of expertise include: Assisting commercial casino developers by obtaining gaming licenses; obtaining approval of state constitution amendments...

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