New Jersey bill targets prediction markets with new 9% income surtax

New Jersey lawmakers are moving forward with legislation that would impose a new 9% surtax on income generated by companies operating prediction markets in the state, as legislators look to tax a rapidly expanding sector while the state continues its legal fight over the industry’s future. Senate Bill 4447 , recently reported from the Senate Budget and Appropriations Committee as a substitute, would apply the additional tax to allocated taxable net income received by prediction market platforms