INCOME TAX: WINNINGS - H.B. 4556: FLOOR ANALYSIS
sans-serif">House Bill 4556 (as reported without amendment)
Sponsor: Representative Steve Bieda
CONTENT
The bill would amend the Income Tax Act to provide that for a nonresident individual, estate, or trust, taxable income would include winnings paid on or after October 1, 2003, from a Michigan casino or pari-mutuel wagering from a licensed race meeting located in Michigan.
Under the bill, a “casino” would include casinos regulated by the Michigan Gaming Control and Revenue Act (the three Detroit casinos), or a building on Native American land or land held in trust by the United States for a Federally recognized Indian tribe on which gaming is conducted under the Federal Indian Gaming Regulatory Act.
“Pari-mutuel wagering” and “licensed race meeting” would mean those terms as used in the Horse Racing Law.
MCL 206.110 - Legislative Analyst: George Towne
FISCAL IMPACT
Based on information from the Department of Treasury, this bill would generate an estimated $8.8 million in additional income tax revenue in FY 2003-04, of which $6.5 million would go to the General Fund/General Purpose budget and $2.3 million would go to the School Aid Fund.
Date Completed: 5-30-03 - Fiscal Analyst: Jay WortleyFloor\hb4556 - Bill Analysis @ www.senate.michigan.gov/sfa
This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.