North Carolina budget proposal would change sports betting tax distribution

North Carolina budget proposal would change sports betting tax distribution

Legislators say tax revenue is more than what was expected.

US.- The North Carolina House of Representatives has presented a budget proposal that would modify the state’s sports betting tax revenue distribution. The proposal earmarks more money for youth sports grants, brings in three additional UNC schools for athletic department funding, and allows an additional sports franchise to partner with a sports betting operator.

Under the current law, the North Carolina Department of Revenue retains $0.5m of tax revenue each year to offset the cost of collecting taxes. The remaining tax revenues are distributed: $2m to the Department of Health and Human Services for gambling addiction education and treatment programs; $1m to North Carolina Amateur Sports for local governments or nonprofits for youth sports equipment or facility upgrades; $300,000 each to the 13 University of North Carolina constituent institutions to support college athletic departments; $1m to the North Carolina Youth Outdoor Engagement Commission for grants to assist sports teams with travel expenses and incentive grants for nonprofessional sports events.

If there are additional tax revenues they are distributed 20 per cent equally among the 13 UNC colleges; 30 per cent to the North Carolina Major Events, Games, and Attractions Fund; 50 per cent to the general fund.

Under the new budget proposal, an additional $5m will be provided to the Youth Outdoor Engagement Commission. The North Carolina Major Events, Games, and Attractions Fund would get 25 per cent of remaining tax revenues and the general fund would receive whatever is left.

Republican state rep Jason Saine, a sponsor of the original sports betting bill and a key budget writer, said there was more money coming in from sports betting than originally forecast. If approved by the Senate and signed into law, the changes would come into effect on August 1.

See also: North Carolina bill will propose ban on college props

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gambling regulation