|SB 0914||Revises funding for various education programs by repealing gaming boat loss limit for a three-year period|
|LR Number:||3780S.02I||Fiscal Note:||3780-02|
|Last Action:||02/20/02 - Hearing Conducted S Education Committee||Journal page:|
|Effective Date:||August 28, 2002|
SB 914 - This act repeals the $500 gaming loss limit for a period of three years beginning January 1, 2003. The repeal of the loss limit will expire on December 31, 2005.
The moneys generated by the repeal of the loss limit shall be used to fund: (1) the Missouri College Guarantee Fund; (2)the Higher Education Academic Scholarship Program; and (3) school districts pursuant to the Foundation Formula.
One year following the repeal, and the subsequent year, the Gaming Commission must deliver a report to the General Assembly. The report shall include the impact of the repeal on state revenue, compulsive gamblers, and state tourism.
This act also increases the admission fee on gambling boats from $2 to $3. The additional dollar will be used to fund: (1) the Missouri College Guarantee Fund; (2) the Higher Education Academic Scholarship Program; and (3) school districts pursuant to the Foundation Formula.
Under this act, the Higher Education Academic Scholarship Program (also known as "Bright Flight") scholarship amount is increased from $2,000 per year to $3,000 per year.
Portions of this act are similar to SB 402 (2001).