IL SB1432

Repeals Section 54.75 of the Illinois Horse Racing Act of 1975, which established the Horse Racing Equity Trust Fund.

Terminates the obligation for riverboat gambling owners licensees to make 3% impact fee payments into the Horse Racing Equity Trust Fund, effective upon passage of this act.

Applies to owners licensees that received their licenses on or after the effective date of the 94th General Assembly, except those operating riverboats with adjusted gross receipts below $200,000,000 in calendar year 2004.

Takes effect immediately upon becoming law.