CTBA Releases Study on State Revenue Impacts of Internet Poker in California
SACRAMENTO, Calif., Feb. 5 /PRNewswire/ -- The California Tribal Business Alliance (CTBA) released a study today concerning the state revenue impacts of internet poker in California. It can easily be downloaded in full on its website at www.caltba.org.
The study was conducted by Mike Genest, the former Director of the California Department of Finance. In the seven-page letter, Genest estimates the revenue that California could derive from a proposal that is currently being discussed in the legislature to license and tax intrastate, internet poker.
"The proponents of this proposal to legalize internet poker in California are touting it as a major solution to our state's budget crisis," said CTBA Chairwoman Leslie Lohse. "It was important to bring in a neutral third party to analyze the viability of this proposal as a revenue resource. I think the results clearly show the state needs to research some more feasible solutions."
In August of 2009, a plan was proposed to legalize and tax intrastate poker in California, but no legislator would author the legislation. The proposal has returned and the Senate Governmental Organization Committee will take up the issue of internet poker on February 9.
A brief excerpt from Genest's letter:
"The proposal would result in an annual General Fund revenue reduction of $365 million, partially offset by an annual increase in revenue of up to $50 million and by an unknown, but probably not substantial increase in personal income tax collections. The $50 million estimate assumes..."
Read the entire letter and get more information about CTBA at www.caltba.org
Established in 2004, the California Tribal Business Alliance was formed by California Indian tribes interested in developing partnerships and coalitions with like-minded governments and with business entities in California, with the intent to build productive alliances based on mutual respect and cooperation.
The CTBA members are the Jackson Rancheria of Miwuk Indians, the Lytton Band of Pomo Indians, Pala Band of Mission Indians, the Paskenta Band of Nomlaki Indians, the United Auburn Indian Community, and the Viejas Band of Kumeyaay Indians.
SOURCE California Tribal Business Alliance