The Nevada Gaming Commission has halted a $3.1 million tax refund for Nevada Restaurant Services Inc. due to concerns over the fairness of the proposed settlement and is considering renegotiating to ensure the state does not overpay.
Nevada Gaming Commission Halts $3.1M Tax Refund for Casino Operator Over Deduction Dispute
Nevada Gaming Commission has put a hold on a $3.1 million tax refund that Nevada Restaurant Services Inc. (NRSI), which runs casinos under the Dotty’s and Bourbon Street Sports brands, requested. The commission wasn’t on board with a proposed settlement that included this refund and extra interest. The issue arose because NRSI didn’t properly deduct certain promotional amounts from their gaming revenue over 32 months starting in August 2021 according to the Las Vegas Review-Journal.
At the hearing, commissioners worried that the refund amount, including interest, might be too high because the overpayment issue wasn’t addressed sooner. They want to make sure that the refund amount is fair and that the state and its residents are not overcharged. They are considering negotiating a new settlement to avoid paying more than necessary.
READ ALSO: Maximize Your Child Tax Credit: A Guide to Understanding the Benefits and Changes
$3.1M Refund on Hold: Nevada Gaming Commission Scrutinizes Casino Operator’s Tax Deduction Dispute – Concerns Over Fairness and Overpayment (PHOTO: Las Vegas Review-Journal)
Nevada Gaming Commission Delays $3.1M Refund, With Potential for Increasing Final Amount
The settlement would have required the state to refund $3,120,197.28 in taxes and $222,744.12 in interest, with more interest adding up daily until the refund is issued. As talks continue, the final amount could grow. The commission will review the case again in September if a new settlement isn’t reached.
READ ALSO: New York City Aims to Build 500,000 Affordable Homes by 2032: Mayor Eric Adams’ New Executive Order Tackles Critical 1.4% Rental Vacancy Rate and 578 Miles of Undeveloped Waterfront
