HR 2267 Companion Bill Progresses

Mr. McDermott who is a representative from Washington had initiated a companion bill to HR2267 which seek the taxing of online gambling and the usage of the profits to fund foster care programs. It was named Gambling Regulation and Tax Enforcement Act. Right from the start, the spotlight had been on Barney Frank’s HR 2267, which was for authorizing and regulation of the online gambling. HR 2267 has been caught halfway, while the bill of McDermott has been scheduled for a further hearing.

The Gambling Regulation and Tax Enforcement Act which is also known as HR 4976 was set up one month ago, approximately a year after Barney’s bill. The bill has just three sponsors which comprises of Mr. Barney as compared to more than sixty for HR 2267 and they all are Democrats. The motive as why the bill of McDermott is being used ahead of HR 2267 is that it is House Ways and Means Committee and HR 2267 is in House Financial Services Committee.

Last month, the trial on HR 2267 was postponed and no further date has been assigned. Majority of the Ways and Means Committee members would not be familiar with the topic of online gambling. The Poker Players Alliance is getting involved and they are making efforts to tell the members of the committee regarding the issues available. Mr. Pappas who is the executive director of the alliance said that they are spending a lot of time talking to as many people they can on the committee. HR 4976 has also been put in front of House Education and Labor Committee.

All the different characteristics of online gambling which this bill is dealing with are a bit different. The legislators will have to determine whether the tax revenues from online gambling will go on for long period, so that it can be put into use for funding other programs also. Social topics like customer safety and problem gambling could also crop up for discussion.

Mr. Barney has also pointed that the HR 2267 could have a hearing soon. Having previously received an extension of six months, these rules will be soon implemented. The experts of the industry are of the view that the chances are less of getting a second extension.