SF 2950 Summary

• Creates the jobs, family, and economic development fund with revenues distributed as 20% each for agricultural/rural development, early childhood/family education, bioscience/medical technology research, athletic/recreational facilities, and general fund expenditures.

• Authorizes class B racetrack licensees to operate gaming machines and conduct banked card games if they meet requirements including 75 days of live racing annually and submit an approved plan of operation.

• Establishes a 32% gambling activities fee on gaming revenue (42% on amounts exceeding $125 million annually), with fee revenue distributed quarterly to cities (1%), counties (1%), and the jobs, family, and economic development fund (remainder).

• Requires licensees to set aside minimum 10% of gaming revenue for horse race purses (increasing to 14% after five years), with funds allocated by breed based on wagering percentages and 15% of each breed allocation transferred to breeder funds.

• Amends statutes to permit gambling devices at licensed racetracks under section 240.31 and extends restrictions on gambling devices and debt enforceability to allow licensed racetrack operators to possess and operate gaming machines.