THE EVERETT ADVOCATE – FRiDAy, AugusT 5, 2022 Page 9 McGonagle, Massachusetts Legislature legalize sports betting Massachusetts to join over 20 states where sports betting is legal B OSTON –On Monday, August 1, Rep. Joe McGonagle, along with his colleagues in the Massachusetts Legislature, passed An Act regulating sports wagering – authorizing and regulating sports betting in the Commonwealth. The legislation authorizes the Massachusetts Gaming Commission to grant in-person licenses at gaming establishments, including casinos, racetracks and simulcast facilities, as well as mobile licenses through mobile applications or digital platforms. This legislation will generate an estimated $60 million in annual tax revenue for Massachusetts, in addition to collecting up to $70 to $80 million in initial licensing fees, which must be renewed every fi ve years. The revenue collected will be distributed to municipalities, and for economic, workforce, education, and public health priorities. An Act regulating sports wagering now goes to Governor Charlie Baker for his signature or other actions. “I’m incredibly proud that today, and after years of Houseled eff orts to authorize legal sports wagering in Massachusetts, the Legislature has acted to bring the immense economic benefi ts of a legal sports betting industry to the Commonwealth,” said House Speaker Ronald J. Mariano (D-Quincy). “Legalizing wagers on both professional and collegiate sports will create jobs and bring tens of millions of dollars in annual tax revenue to Massachusetts. I want to thank Chairs Michlewitz and Parisella, all the conferees and my colleagues in the House, as well as our partners in the Senate for recognizing the incredible economic opportunity that legalized sports betting presents.” An Act regulating sports wagering includes a 15 percent tax on in-person wagering er nearby states. Dozens of jobs will be created through this, especially here in Everett. This legislation was very carefully thought out and I’m so proud to have passed it this session and grateful to my colleagues, especially Speaker Mariano, Chair Michlewitz and Chair Parisella for their hard work. I look forward to seeing it in action.” Law Offices of JOSEPH D. CATALDO, P.C. “ATTORNEYS AND COUNSELORS AT LAW” Joe McGonagle State Representative and a 20 percent tax on mobile wagering. The legislation creates the Workforce Investment Trust Fund & the Youth Development and Achievement Fund, which will receive 17.5 percent and 1 percent, respectively, of the revenue generated by the taxes and licensing fees. The rest of the funds will go to the existing Gaming Local Aid Fund (27.5 percent), the Public Health Trust Fund (9 percent) and the General Fund (45 percent.) • The funds in the Workforce Investment Trust Fund will be used to develop and strengthen workforce opportunities for low-income communities and vulnerable youths and young adults, including to promote stable employment and wage growth. • The funds in the Youth Development and Achievement Fund will provide fi nancial assistance to students enrolled in and pursuing a program of higher education, and for afterschool and out of school activities. “I am absolutely thrilled about this legislation fi nally being passed,” said McGonagle. “Massachusetts is a perfect setting for sports loving individuals to lay bets and fi - nally the people will be able to see some return on this, instead of losing revenue to othUMass Amherst Spring 2022 Grads A MHERST, Mass. – Approximately 7,000 students received bachelor’s degrees in over 100 majors at the University of Massachusetts Amherst’s Undergraduate Commencement on May 13, 2022, at the McGuirk Alumni Stadium. The following students from Everett earned their degrees: Brenda Meneses Cordeiro, Rayginald Claude Jean, Ayush Manandhar, Laura E. Wood. For Advertising with Results, call The Advocate Newspapers at 617-387-2200 or Info@advocatenews.net • ESTATE/MEDICAID PLANNING • WILLS/TRUSTS/ESTATES • INCOME TAX PREPARATION • WEALTH MANAGEMENT • RETIREMENT PLANNING • ELDER LAW 369 Broadway Everett, MA 02149 (617)381-9600 JOSEPH D. CATALDO, CPA, CFP, MST, ESQUIRE. AICPA Personal Financial Specialist Designee
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