A bill to amend 1951 PA 90, entitled “An act to regulate the conducting of racing meets in the state of Michigan; to provide for the possession, control and disposition of funds held by licensees for the payment of outstanding winning tickets not claimed or demanded by the lawful owners of such funds; and to prescribe penalties for violations of the provisions of this act,” by amending section 2 (MCL 431.252), as amended by 1998 PA 505.
Senate Bill 411 would lower the tax on simulcast horse racing from 3.5% to 1% and reduce the amount generated from taxes on third-party facilitators that is deposited in the AEIDF. It also would increase the amount to the Horse Racing Advisory Commission. Senate Bill 412 would increase revenue by $4.7 million to the AEIDF and decrease the amount to the School Aid Fund by the same amount by removing a $3.0 million cap on contributions to Michigan Agriculture Equine Industry Development Fund. The bill also would remove the requirement that any amount in the AEIDF that exceeds $8.0 million in deposits must be allocated to the pari-mutuel horse racing disbursement account. Senate Bill 413 would remove a $3.0 million cap on contributions to the AEIDF from the Internet Sports Betting, which would result in no change in revenue to the AEIDF, due the amount only totaling $700,000 in FY 2021-22. Senate Bill 414 would have no fiscal impact on state or local government.
Co-sponsored by Sens.
Referred to the Committee on Natural Resources and Agriculture
