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Michigan Governor Signs Casino Tax Hike Bill

MICHIGAN – As reported by Reuters: "Michigan's wagering tax rate on three casinos in Detroit will jump to 24 percent from the current 18 percent under a bill signed into law Tuesday by Gov. Jennifer Granholm.

"…State officials have said they expect the tax increase to raise an estimated $50 million a year for Michigan's ailing budget with $6 million earmarked for agricultural programs. Detroit will get about $25 million a year from the tax hike.

"…The new law also includes an incentive for the casinos to build permanent facilities by raising the wagering tax an additional 1 percent on July 1, 2009, 2010 and 2011 on casinos not fully operational at permanent locations…"

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