New Jersey § 5:12-144
Full text of New Jersey New Jersey Statutes § 5:12-144, with citation guidance and answers to common questions.
§ 5:12-144.
a. A casino licensee shall receive an annual deduction from the gross revenue taxed
pursuant to subsection a. of section 144 of P.L.1977, c. 110 ( C.5:12-144 ) in an amount equal to either (1) the promotional gaming credits reported by that
licensee in its annual tax return or (2) such other portion of the promotional gaming
credits reported by all casino licensees as the division may allocate to a particular licensee to reflect that licensee's pro rata share of
the costs of the 2008 agreement executed between the New Jersey Sports and Exposition
Authority and the Casino Association of New Jersey for the benefit of the horse racing
industry. b. Casino licensees shall be allowed a deduction from gross revenues for a tax year
pursuant to subsection a. of this section for the total value of promotional gaming
credits redeemed by patrons at all licensed casinos for that tax year in excess of
$90,000,000. For the first tax year in which this act becomes operative pursuant to section 3
of this act, P.L.2008, c. 12 , the division shall reduce the $90,000,000 deduction threshold for that tax year in proportion
to the part of the tax year that has elapsed prior to that operative date. c. The division shall establish, by regulation, procedures and standards for allocating the deduction
established pursuant to this section to reflect each licensee's pro rata share of
the costs of the 2008 agreement executed between the New Jersey Sports and Exposition
Authority and the Casino Association of New Jersey for the benefit of the horse racing
industry and procedures and standards for each licensee to take the deduction established
pursuant to this section to reflect those deductions that exceed the costs of the
2008 agreement. Such regulations shall include standards for the allocation of the $90,000,000 deduction
threshold established in subsection b. of this section, the timing of the application
of deductions, and all other matters related to the provisions of this section. d. (1) The division shall establish, by regulation, procedures to ensure that the promotional gaming
credit deduction established pursuant to this section does not result in a negative
fiscal impact to the Casino Revenue Fund. If necessary, the division may reduce the value of the available deduction to eliminate any negative fiscal
impact to the Casino Revenue Fund attributable solely to the deduction and not to
other economic or other factors that cause a negative fiscal impact to the Casino
Revenue Fund. (2) For the purposes of this subsection, “ negative fiscal impact to the Casino Revenue Fund ” shall mean that the amount generated from taxation of promotional gaming credits
falls below the level generated in calendar year 2007.
Frequently Asked Questions About New Jersey § 5:12-144
What does New Jersey Statutes § 5:12-144 cover?
Section 5:12-144 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 5:12-144?
A common citation format is "New Jersey Statutes § 5:12-144" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 5:12-144 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.