Borgata Calls for Prompt Resolution to Tax Refund Dilemmas
It seems the Borgata Hotel Casino & Spa tax reimbursement saga is nearing its end. Atlantic City officials have been over and over repeatedly pushed to take a stance that is final the situation and eventually offer an adequate compensation to your casino.
Even though refunds were due in Borgata is yet to receive a payment, which made its attorneys schedule a court appearance december. They are going to come in a Midtown courtroom and demand the judge to rule out in their favour tomorrow.
Borgata is known as the biggest taxpayer in Atlantic City and contains been notified concerning the final stance regarding the New Jersey Tax Court. Back in December, Borgata made just one more try to accelerate the reimbursement procedure by filing a Superior Court lawsuit but obtained success that is sporadic.
Those who keep on their own informed in regards to the matter, know that Borgata entered a battle that is legal years back. The casino filed, the final decision remained unchanged in 2013, the assessments were reduced to $880 million and $870 million and despite the appeal.
In addition, a settlement agreement, since the period 2011-2015, claims that Atlantic City owes Borgata about $88 million in refunds, excluding interest. The settlement must be paid by the final end of 2014, but the town missed the provided deadline. This led to litigation conducted by Borgata aided by the purpose of obtaining judgements for the aforementioned period.
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