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House Bill 1569


House Bill 1569

ARCHIVE (2005)

Latest Information

 

DIGEST OF INTRODUCED BILL


Slot machines at racetracks. Authorizes slot machines at racetracks. Imposes a state wagering tax of 35% of the adjusted gross receipts from slot machine wagering. Imposes a local wagering tax of 7%. Redirects certain riverboat admissions taxes from the horse racing commission to the property tax replacement fund. Provides for the annual distribution of state slot machine wagering taxes before July 1, 2007, as follows: (1) the first $27,205,284 to the horse racing commission to be used in the same manner as riverboat admissions taxes are currently used; (2) $30,000,000 to the capital improvement board; and (3) the remainder to the property tax replacement fund. Provides for the annual distribution after June 30, 2007, and before July 1, 2036, as follows: (1) $30,000,000 to the capital improvement board; and (2) the remainder to the property tax replacement fund. Requires the tax revenue to be deposited in the property tax replacement fund after June 30, 2036. Imposes a horse racing promotion fee of 12% of the adjusted gross receipts from slot machine wagering. Provides for the distribution of the local taxes in Madison County and Shelby County. Provides for the distribution of the fees to purses, breed development, and the associations representing owners, breeders, and trainers.
Current Status:
 In Committee - first House
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