S.B. 572 (S-1): FLOOR ANALYSIS - EQUINE FUND TO PREVENTION FUND

EQUINE FUND TO PREVENTION FUND - S.B. 572 (S-1): FLOOR ANALYSIS

Senate Bill 572 (Substitute S-1 as reported)

CONTENT

The bill would amend the Horse Racing Law to require that a percentage of the Michigan Agriculture Equine Industry Development Fund, equal to 0.1% of the gross wagers made each year in each of the racetracks licensed under the Law, would have to be deposited in the Compulsive Gaming Prevention Fund created in the Compulsive Gaming Prevention Act (proposed by Senate Bill 570 (S-1)).

Further, under the bill, each holder of a track license would have to post a toll-free compulsive gaming helpline number at each entrance and exit of the racetrack, and at each location on the racetrack where wagers on horse races were accepted, and include the number on all advertisement and promotional materials.

The bill is tie-barred to Senate Bill 569, which would amend the Michigan Gaming Control and Revenue Act.

MCL 431.320 et al. - Legislative Analyst: G. Towne

FISCAL IMPACT

There would be additional expenditures by the State of $441,300. This assumes a projected gross wagering at the tracks for FY 1997-98 to be $440,000,000 for simulcast wagering and $111,300,000 for live racing. At one-tenth of 1% the amount projected for gross wagering for FY 1997-98 would be $441,300. The amount of revenue projected for the Michigan Agriculture Equine Industry Development Fund for FY 1997-98 is $11,850,000. (Note: The Senate-passed appropriation for the Department of Agriculture has overappropriated the money from the Fund by $2,526,500 for FY 1997-98.) There would be no fiscal impact on local governmental units.

Date Completed: 6-10-97 - Fiscal Analyst: A. Rich

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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.