50% of the projected tax revenues from MGM casino to fund public schools – Maryland

The County Council in Prince George, Maryland, approved unanimously a law proposal on Tuesday that would take half of tax revenues from MGM’s gaming complex in National Harbor to benefit the county’s public schools, libraries and community colleges. The measure was introduced as a complementary sheet to a recent tax proposal, the objective of which was to increase property taxes to bring in new funding for schools. Filed by Prince George’s County Chief Executive “Rushern L. Baker III”, the proposed law saw a double-digit increase in taxation. Rejected by the council, it actually drew the ire of the local community as it would show three-time high tax figure of the original request. Any way, the Tuesday-passed law will see half of the $ 42 million tax revenue that the MGM casino projects to generate once operational in 2016 added to the county’s schools funding.

The Council Chairman, Mel Franklin, made it clear that this money should not replace funds that are already benefiting schools. Besides, it is a totally different source of funding from the state’s Education Trust Fund that now finances school systems from revenues generated by slot machines in all casinos across Maryland. This freshly passed law won’t, in any case, affect the casino’s rehabilitating money for the Route 210 or the local impact funds for the communities living near the facility.

July 29, 2015 by : posted in CASINO, NEWS No Comments

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