HORSE RACING REVENUE H.B. 5498 (H-2): FLOOR ANALYSIS
House Bill 5498 (Substitute H-2 as reported without amendment)
Sponsor: Representative Chris Kolb
House Committee: Appropriations
Senate Committee: Appropriations
Date Completed: 2-8-06
CONTENT
The bill would amend the Horse Racing Law of 1995 to transfer $2.0 million from the Michigan Agriculture Equine Industry Development Fund to the General Fund for fiscal year (FY) 2005-06 only.
MCL 431.320
FISCAL IMPACT
The bill would have no net fiscal impact on the State. The bill would transfer revenue from one source to another in FY 2005-06 to help balance the State General Fund. The Michigan Agriculture Equine Industry Development Fund receives revenue from four primary sources: simulcast wagering taxes, horse racing licenses and fines, uncashed winning tickets, and a portion of the State tax levied on Detroit casinos. Total Fund revenue projected for FY 2005-06 is $16.7 million. The bill would transfer $2.0 million of Fund revenue to the General Fund for FY 2005-06. This transfer is part of the Leadership Target Agreement on the FY 2005-06 budget. Appropriations from the Fund were reduced to match the projected revenue level, after the proposed transfer.
For additional background information on the Michigan Agriculture Equine Industry Development Fund, please see Senate Fiscal Agency State Notes of January/February 2005:
http://www.senate.michigan.gov/sfa/Publications/Notes/2005Notes/NotesJanFeb05ctagri.PDF
Date Completed: 2-8-06 Fiscal Analyst: Craig Thiel
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. hb5498/0506