April 18, 2007, Introduced by Senator VAN WOERKOM and referred to the Committee on Agriculture.
A bill to amend 1995 PA 279, entitled
"Horse racing law of 1995,"
(MCL 431.301 to 431.336) by adding section 20a.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 20a. (1) A holder of a race meeting license shall pay
0.5% of all money wagered on the results of live and simulcast
horse races conducted at the license holder's race meetings to the
state treasurer to be deposited in the horse racing promotion fund
created in this section. Payment under this subsection does not
affect the amount of the license holder's commission under section
17 or fee under section 18.
(2) The horse racing promotion fund is created within the
state treasury.
(3) The state treasurer shall deposit money received under
subsection (1), and may receive money or other assets from any
other source, for deposit into the horse racing promotion fund. The
state treasurer shall direct the investment of the horse racing
promotion fund. The state treasurer shall credit to the horse
racing promotion fund interest and earnings from fund investments.
(4) Money in the horse racing promotion fund at the close of
the fiscal year shall remain in the horse racing promotion fund and
shall not lapse to the general fund.
(5) The department of agriculture shall distribute money from
the horse racing promotion fund, upon appropriation, as grants to
holders of race meeting licenses to fund 50% of the cost of
programs proposed by the recipients to advertise and promote horse
racing in this state.
(6) A holder of a race meeting license is ineligible to
receive a grant under subsection (5) unless the license holder can
show to the satisfaction of the department of agriculture that in
the previous fiscal year the license holder spent on any proposed
program for which the license holder received a grant under
subsection (5) an amount from the license holder's own money equal
to or greater than the amount of the grant.
(7) The holder of a race meeting license shall use money
distributed from the horse racing promotion fund only for the
purpose of advertising and promoting horse racing in this state.