Borgata Requires Prompt Resolution to Tax Refund Issues
It seems the Borgata Hotel Casino & Spa tax refund saga is nearing its end. Atlantic City officials were repeatedly pushed to have a stance that is final the problem and in the end offer an adequate settlement to the casino.
Although the refunds had been due in December, Borgata is yet to get a repayment, which made its attorneys schedule a court appearance. They will appear in a Midtown courtroom tomorrow and need the judge to exclude in their favour.
Borgata is called the taxpayer that is biggest in Atlantic City and possesses recently been notified concerning the last stance of this New Jersey Tax Court. Back December, Borgata made just one more attempt to accelerate the reimbursement procedure by filing a Superior Court lawsuit but obtained success that is sporadic.
People who keep themselves informed concerning the matter, realize that Borgata entered a legal battle five 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, covering the period 2011-2015, claims that Atlantic City owes Borgata approximately $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 led to litigation carried out by Borgata utilizing the goal of getting judgements for the aforementioned duration. Continue reading