Tenn. lawmakers pass Fantasy Sports Tax Act

JACKSON, Tenn. — State lawmakers on Tuesday put an end to a debate over online fantasy sports in the Volunteer State, passing the Fantasy Sports Tax Act.

The state senate passed the act that will allow online daily fantasy sports to operate in Tennessee but with a few requirements.

State legislators say keeping an eye on new enterprises like online sports gambling is in the best interest of everyone.

“We want as little government intrusion on things like this as possible, but in this case it is a billion-dollar industry, and it’s just taking off,” said state Sen. Ed Jackson, R-Jackson. “There should be some type of oversight just to make sure that things don’t get out of hand and it does not violate any laws that we have.”

Lawmakers say Tuesday’s approval will establish a task force to create licensing requirements for fantasy sports operations and eventually will put a cap on how much a person can spend per site in one day.