The newly proposed North Carolina state budget includes a new tax on prediction markets and a higher tax on sports betting. On top of that, a new tax law (SB 595) — currently awaiting Gov. Josh Stein’s signature or veto — includes provisions that would allow the Department of Revenue to request sports bettors’ personal information and wager history from gambling platforms. To learn more, Bloomberg Tax reached out to Nathan Goldman, the Dean’s Professor of Accounting at Poole College and a CPA.

Goldman said that the sports betting provisions are there to make sure bettors are accurately reporting their wins and losses. Other states allow gaming authorities to access such records, but SB 595 would let North Carolina “cut out that middleman” by going directly to the Department of Revenue. “It’s not really clear that they’re going to face audit or they’re going to have to pay additional amounts in tax because of this — but the threat that they will has gone up substantially,” he added.

Read the full piece on the Bloomberg Tax news site.

This post was originally published in Poole Thought Leadership.