Illinois lawmaker files bill to scrap prediction market tax
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Illinois Republican Rep. Travis Weaver filed House Bill 5811 on September 2, seeking to repeal the state’s tax on “exchange wagers.” If passed, the bill would remove references to the prediction market tax from the Illinois Sports Wagering Act. Gov. JB Pritzker signed the tax into law in June, with…
Illinois Republican Rep. Travis Weaver filed House Bill 5811 on September 2, seeking to repeal the state’s tax on “exchange wagers.” If passed, the bill would remove references to the prediction market tax from the Illinois Sports Wagering Act. Gov. JB Pritzker signed the tax into law in June, with the levy taking effect in July. The tax imposes a 1.75% levy on the value of any agreement, contract,...