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Borgata Demands Prompt Resolution to Tax Refund Dilemmas

Borgata Demands Prompt Resolution to Tax Refund Dilemmas

It appears the Borgata Hotel Casino & Spa tax refund saga is nearing its end. Atlantic City officials have been repeatedly pressed to have a last stance on the situation and in the end offer an sufficient payment to the casino.

Although the refunds had been due in Borgata is yet to receive a payment, which made its attorneys schedule a court appearance december. They’re going to can be found in a Midtown courtroom and demand the judge to rule out in their favour tomorrow.

Borgata is recognized as the taxpayer that is biggest in Atlantic City and it has already been notified about the final stance regarding the New Jersey Tax Court. Back December, Borgata made just one more attempt to speed up the refund procedure by filing a Superior Court lawsuit but reached sporadic success.

Those who keep themselves informed about the matter, realize that Borgata entered a battle that is legal years ago. In 2013, the assessments were reduced to $880 million and $870 million and despite the appeal the casino filed, the ultimate decision remained unchanged.

In addition, money contract, within the duration 2011-2015, says that Atlantic City owes Borgata roughly $88 million in refunds, excluding interest. The settlement needed to be paid by the end of 2014, however the town missed the provided deadline. This resulted in litigation carried out by Borgata aided by the purpose of getting judgements for the period that is aforementioned. Continue reading