ASSISTANCE: CASINO WINNINGS - S.B. 948 (S-1): FLOOR ANALYSIS

Senate Bill 948 (Substitute S-1 as reported)

Sponsor: Senator Loren Bennett

Committee: Gaming and Casino Oversight

CONTENT

The bill would amend the Michigan Gaming Control and Revenue Act to require a casino licensee to provide the Gaming Control Board with all the information required to be disclosed to the Internal Revenue Service on Federal form W-2G, each time a person won an amount described on the form.

(The IRS requires a casino, or any payer of gambling winnings, to furnish to a winner form W-2G Statement of Gambling Income, if the person wins $1,200 or more from bingo or slot machines; $1,500 or more from keno; or $600 or more from other games.)

The bill is tie-barred to Senate Bill 947.

Proposed MCL 432.211a - Legislative Analyst: G. Towne

FISCAL IMPACT

The bill would have no fiscal impact on State or local government.

Date Completed: 3-9-98 - Fiscal Analyst: R. Ross

FLOOR\SB948 - Analysis available @ http://www.michiganlegislature.org

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.