Bill would aid Atlantic City and its 8 casinos with tax relief and budgeting certainty

Government And Institutions Associated Press

Atlantic City's eight surviving casinos would get a break on taxes and the city would get help making up for lost revenue under a rescue plan unveiled by two New Jersey state senators.

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State Senate President Steve Sweeney and Sen. James Whelan on Tuesday said their bill would let the casinos collectively pay $150 million in lieu of taxes for two years.

It would redirect an investment alternative tax to help pay off $25 million to $30 million of Atlantic City's debt a year.

The plan is designed to help casinos by reducing their annual taxes. It helps the city by giving it a predictable revenue stream without massive casino tax appeals each year that have helped drain the city's coffers.

Four casinos have closed this year.