Tuesday, February 13, 2007

"The state's take on any prospective table gambling revenue should be used
to pay off West Virginia's pension debts, said House Majority Leader Joe
DeLong, D-Hancock. "'My concern about the table gambling bill is about how
the money is being appropriated,' DeLong said. ' ".The table gambling bill
currently before lawmakers will be discussed by the House Judiciary
Committee on Thursday. "The legislation presently states that racetracks'
net profits on table gambling would be taxed at a state rate of 24 percent.
The West Virginia Lottery Commission speculates that table gambling will
generate a total of $40 million annually in state tax revenue. "Of this $40
million, 82.5 percent would be directed to West Virginia's general fund.
".West Virginia's pension debts include an $8 billion unfunded liability in
the Public Employees Insurance Agency."