Section 431.322 - License fee and tax.
HORSE RACING LAW OF 1995 (EXCERPT)
Act 279 of 1995
431.322 License fee and tax.
Sec. 22.
(1) Each licensed racetrack located in a city area shall pay a license fee to the racing commissioner of $1,000.00 annually, and any other licensed racetrack shall pay a license fee of $200.00 annually.
(2) During calendar year 1996, each holder of a race meeting license shall pay to the state treasurer, from the holder's commission, a tax in the amount of 2.5% of all money wagered on interstate and intertrack simulcast races conducted at the holder's licensed race meetings in 1996 in a manner and time as the racing commissioner requires. For calendar year 1997 and each year thereafter, the tax rate shall increase to 3.5% of all money wagered on interstate and intertrack simulcast races conducted at the holder's licensed race meetings each calendar year. Not later than 4 years after the effective date of this act, the racing commissioner shall report to the chairpersons of the senate and house committees responsible for legislation concerning horse racing as to the effect on the horse racing industry of the reduction in the tax pursuant to subsection (2).
(3) By eliminating the pari-mutuel wagering tax on live racing programs, it is not the intent of the legislature to diminish the funding and appropriations for the Michigan agriculture equine industry fund and related programs described in section 20. The pari-mutuel tax reduction effected by this section is intended to generally allow for the improvement of the pari-mutuel horse racing and breeding industry in this state by increasing purses at licensed race meetings and making additional pari-mutuel revenues available for capital improvements at licensed racetracks in this state.
History: 1995, Act 279, Imd. Eff. Jan. 9, 1996