The act modifies the manner in which limited gaming tax revenues are allocated between the limited gaming fund and the extended limited gaming fund (i.e., the portion of limited gaming tax revenues derived from increased hours of operation, expanded wagering, and additional games of chance) in order to more equitably address recovery in the years immediately following a significant decrease in the revenue by:
- Adjusting the allocation for the state fiscal year 2021-22 to accommodate the significant unanticipated post-pandemic increase in the limited gaming tax revenues; and
- Establishing a mechanism to temporarily modify the allocation in years following a significant decrease in the limited gaming tax revenues.
The act modifies the distribution of the state share of the limited gaming tax revenues (state share) by:
- Resetting the base portion of the state share deposited in the local government limited gaming impact fund for the fiscal year 2021-22 to clarify the amount after a 2-year hiatus of this allocation;
- Providing total supplemental payments of $1.25 million to the local government limited gaming recipients; and
- Transferring $3 million to the newly created state historical society strategic initiatives fund, which is to be used by the state historical society for programs and activities that strengthen the state historical society's financial position and expand its impact on the people of the state.
A working group is created to determine if there is data available to identify the extended limited gaming tax revenues and, if such data is available, to collect the data and compare it with the current allocation required by law. The working group is required to prepare a written report of its findings and submit the report to the joint budget committee no later than November 1, 2022.
(Note: This summary applies to this bill as enacted.)