Cleveland has tweaked its tax code to prepare for a windfall when sports betting becomes legal in Ohio. Whether that wind is a gust or a gentle breeze remains to be seen.
Last week, Cleveland City Council approved a change to city law that requires sports-gaming facilities to withhold municipal income taxes on individual winnings high enough to be reportable to the Internal Revenue Service.
What’s big enough to require a report to the IRS? Typically about $600, according to the Ohio Legislative Service Commission’s analysis of the sports gambling bill.
That means that if a gambler wins $600 or more at JACK Cleveland Casino or at one of the three professional sports stadiums, the house will withhold Cleveland’s 2.5 percent cut.
