News
Michigan House approves lifting equine funding cap
The Michigan House of Representatives has passed legislation to remove caps on an equine industry fund in hopes of rebuilding the sector.
The bipartisan bill introduced by Representatives Julie Alexander, chair of the House Ag Committee, and Kevin Hertel removes limits on betting revenues deposited into the Agriculture Equine Industry Development Fund.
During a recent committee hearing, Alexander testified the current tax revenue raised from sports betting and internet gaming is capped and, if removed, would increase funding for breeding and horse raising in Michigan which was once a billion-dollar industry for the state.
“$60 million must be generated for us to reach that five percent or $3 million cap, and at this point in time for the first three months of 2021—internet gaming totaling $35.6 million—so that’s why we’re trying to be proactive here,” she explains.
The legislation is now being considered by the Michigan Senate Ag Committee.
