Photo: KSTP
Photo: KSTP
December 12, 2018 01:46 PM
Tax revenues from charitable gambling are generating so much revenue for paying off the debt for U.S. Bank Stadium that Minnesota officials say corporate taxes are no longer needed for that purpose.
The state projects the stadium's reserve account will hit $193 million by 2021. So officials plan to drop an annual infusion of $20 million from corporate income taxes to fill the account.
The Star Tribune reports the rising revenue could even pay off the stadium debt earlier than anticipated, saving hundreds of millions in interest costs.
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Pulltabs dominate charitable gambling sales, and electronic pultabs now comprise nearly 20 percent of all pulltab sales. Other taxable charitable gambling activities include bingo and raffles.
Charities hope lawmakers will reduce those taxes so they have more money left for their work.
The Associated Press
Updated: December 12, 2018 01:46 PM
Created: December 12, 2018 09:36 AM
(Copyright 2018 by The Associated Press. All Rights Reserved.)
