CASINO TAXES: DISCLOSURE - S.B. 892 (S-2): FLOOR ANALYSIS
Senate Bill 892 (Substitute S-2 as reported)
Sponsor: Senator Glenn D. Steil
Committee: Gaming and Casino Oversight
CONTENT
The bill would amend the revenue Act to allow a person to disclose the "adjusted gross receipts" and the "wagering tax" paid by a casino licensee, pursuant to any of the following:
-- Authorization by the executive director of the Gaming Control Board.
-- Section 18 of the revenue Act (which requires the Department of Treasury to publish an annual report of statistical data on revenue collections).
-- Sections 341, 342, and 386 of the Management and Budget Act. (These sections require the State budget director to prepare and control the State budget, and evaluate State programs and financial resources; establish and maintain an economic analysis, revenue estimating, monitoring activity; and prepare monthly financial reports, including a statement of monthly revenue collections.)
The bill would define "adjusted gross receipts" and "wagering tax" as those terms are defined under the Michigan Gaming Control and Revenue Act. ("Adjusted gross receipts" means gross receipts minus winnings paid to wagerers. The "wagering tax" is the 18% tax levied on a casino's adjusted gross receipts.)
The bill also specifies that an employee or authorized representative of the Department of Treasury could not willfully inspect any return, or information contained in a return, unless it was appropriate for the proper administration of a tax law administered under the revenue Act.
MCL 205.28 - Legislative Analyst: S. Lowe
FISCAL IMPACT
The bill would have no fiscal impact on State or local government.
Date Completed: 3-9-00 - Fiscal Analyst: E. LimbsFloor\sb892 - Bill Analysis @ http://www.state.mi.us/sfa
This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.