HORSE RACING LAW OF 1995 (EXCERPT)
Act 279 of 1995
431.322 License fee and tax.
(1) A licensed racetrack shall pay a license fee to the racing commissioner of $1,000.00 annually.
(2) Each holder of a race meeting license shall pay to the state treasurer, from the holder's commission, as follows:
(a) A tax in the amount of 3.5% of money wagered on interstate and intertrack simulcast races conducted at the holder's licensed race meetings.
(b) A tax in the amount of 1% of wagers processed through licensed third-party facilitators operating under this act.
(3) By eliminating the pari-mutuel wagering tax on live racing programs and altering the calculation of the tax on simulcast horse racing, it is not the intent of the legislature to diminish the funding and appropriations for the Michigan agriculture equine industry development fund and related programs described in section 20. The pari-mutuel tax alteration 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
Am. 2016, Act 271, Imd. Eff. July 1, 2016
Am. 2019, Act 153, Imd. Eff. Dec. 20, 2019
© 2017 Legislative Council, State of Michigan