Legalising sports betting could help Mississippi’s tax code

mississippi

The state experienced a 7 percent fall in revenues to US$166 million.

State officials said that the gambling activity could be a revenue booster.

US.- Herb Frierson, Revenue Commissioner from Mississippi, said that legalising sports betting could be a positive thing in the state, since it would help reform the state’s tax code. Frierson introduced a list of reform suggestions to a group of lawmakers that have been trying to create a new state’s tax policy.

The Revenue Commissioner said that legalised sports betting market could bring an additional US$100 million annually if it’s also taxed on the state level. “I know these things are very politically controversial with our conservative Christian friends, and I respect their positions, but I’m putting it all into consideration,” he said.

Nicole Kaeding, an economist from Tax Foundation, said that Mississippi should consider speeding up the complete elimination of the franchise tax and erase its intangibles tax, which discourages banks from expanding capital in the state. “No state has a perfect tax code, but I think the goal of Mississippi is to move in the right direction, and that’s something these options would provide,” Kaeding added.