HB 6464 Summary

• Amends the Michigan Gaming Control and Revenue Act to modify wagering tax rates on casino adjusted gross receipts, reducing the standard rate from 18% to 8.1% if a city exercises one of two specified options under subsection (4).

• Allows cities to either (a) require casino licensees to pay 9.9% of adjusted gross receipts through a development agreement provision, or (b) levy a local excise tax of 9.9% on casino licensees.

• Establishes a 6% additional wagering tax on adjusted gross receipts with revenue allocated one-third to the city and remaining funds split between the general fund and Michigan agriculture equine industry development fund.

• Imposes an 8.4% wagering tax on qualified adjusted gross receipts from sports betting conducted by casino licensees, allocated according to the same formula as other casino taxes.

• Repeals section 9b of the Gaming Control and Revenue Act regarding horse race simulcasting at casinos, and makes the amendment contingent upon enactment of Senate Bill 661 and either Senate Bill No. ____ or House Bill 6462 and House Bill 6463.