New York Times columnist Charles Blow, who writes for Forbes, reported that DC Lottery Corporation is planning to double its tax bill from $5.8 billion to $7.9 billion.
“For the first time, the company will collect an excise tax of more than $2 billion,” Blow wrote.
“That means that the $5 billion figure for the company’s tax bill will be $5,878,971, with a total of $7,957,947 in taxes, taxes and interest.”
Blow also added that the company is now seeking an exemption from the state’s income tax, a move that will reportedly cost it $1.1 billion in state and local taxes over the next 10 years.
“The new revenue is likely to add up quickly, even as the company makes millions of dollars in profits in other states,” Blow said.
“If the new revenue was to come from the sale of lottery tickets, that would be a huge boost to the coffers of the state.
It is also a sign that the state is moving toward a more progressive tax structure that is helping the state to grow and hire more workers.”
The New York City-based company has been trying to raise money for a casino in Las Vegas, but the plan fell through last week, after Nevada Governor Brian Sandoval and several Republican lawmakers called for a moratorium on casino gambling.
The plan was to bring in $500 million to $1 billion, depending on how much it raised.
The casino industry in Nevada is the largest in the country.
The state also has one of the highest per capita lottery taxes in the nation.
In 2013, the state levied an excise taxes on lottery tickets that were at least $2,000 higher than the tax on most other tickets.
However, that excise tax was only 0.05% and not enough to cover the full cost of the casinos expansion.
The Nevada Legislature passed a bill last month that would have doubled the state excise tax from 0.25% to 1%.
In 2015, the New York State Assembly passed a similar bill, but it has yet to be signed into law by Governor Andrew Cuomo.