Michigan Laws 431.322 – License fee and tax
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Michigan Laws 431.322
- racing commissioner: means the executive director of the Michigan gaming control board appointed under section 4 of the Michigan gaming control and revenue act, 1996 IL 1, MCL 432. See Michigan Laws 431.302
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
(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.