New Jersey is moving closer to a 9% tax on prediction market operators, as legislative committees rally around measures aimed at regulating the sector.
Legislation to impose a tax under either the state’s Corporation Business Tax or as a Gross Income Tax on prediction market operators’ income has already passed through the committee stage of both New Jersey’s legislative chambers.
According to NorthJersey.com, Senator Paul Sarlo, the Chair of the Senate Budget Committee, at a committee meeting on 28 June said that the first step to regulating prediction markets in New Jersey was being taken. The senator noted that lawmakers intend to bring in other measures to create a more level regulatory environment with licensed sportsbooks in the state.
