LOUISVILLE, Ky. (WDRB) -- A bipartisan group of U.S. lawmakers wants to raise the threshold for reporting winnings at slot machines.
The current threshold is $1,200, which was set in 1977. Accounting for inflation, it would be nearly $5,000 today.
Lawmakers said the number of people who hit $1,200 on a slot machine is increasing, and that creates a lot of paperwork for the winner — casinos — and the IRS. Reducing the paperwork would still allow for taxes to be collected but more efficiently.
The SLOT Act would set the reporting limit to around $5,000 and index it with inflation.
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