MI SB0504

Creates a horse racing advisory commission within the Department of Agriculture and Rural Development with 7 members appointed by the governor to establish procedures for horse racing operations and make annual recommendations to the legislature on regulatory improvements.

Eliminates the pari-mutuel wagering tax on live racing programs and replaces it with a 3.5% tax on money wagered on interstate and intertrack simulcast races to increase purses and capital improvements at licensed racetracks.

Allows race meeting licensees to conduct simulcast-only operations under specified conditions including contracts with certified horsemen's organizations and payment of 25-40% of net commission to purse pools.

Requires payment of 25-40% of net commission from all wagering to site-specific horsemen's simulcast purse accounts for live race purses and certified horsemen's organization expenses.

Establishes procedures for transferring purse pool money when track licenses are surrendered, revoked, or tracks close, ensuring funds support live horse racing at other licensed facilities.