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Agriculture, gaming, and economic development. Appropriates $25,000,000 to the department of agriculture to promote agriculture based economic development, conservation, research, and education. Provides a 3.5% credit against the property taxes imposed on qualified residential property. Authorizes slot machines at racetracks. Requires a permit holder who offers slot machines to terminate the permit holder's satellite facility operations. Imposes a state wagering tax of 32% of the adjusted gross receipts from slot machine wagering. Redirects certain riverboat admissions taxes from the horse racing commission to the state general fund. Reduces the supplemental distribution paid to the horse racing commission in state fiscal years ending before July 1, 2008, and eliminates the supplemental distribution after June 30, 2008. Provides for the annual distribution of state slot machine wagering taxes. Imposes a local wagering tax of 4%. Provides for the distribution of the local taxes in Madison County and Shelby County. Imposes a horse racing promotion fee of 15.25% of the adjusted gross receipts from slot machine wagering. Provides for the distribution of the fees to purses, breed development, and the associations representing owners, breeders, and trainers. Requires 160 live racing days each year.
