SB 429

Bill Subjects

Abstract

Modifies the date to after June 30, 2020, when the graduated wagering tax is lowered for riverboats that receive less than $75,000,000 of adjusted gross receipts during the preceding state fiscal year. Provides that the auditor of state shall distribute certain tax revenue deposited in the state gaming fund to certain cities based on whether the riverboat in the city received less than $75,000,000 in adjusted gross receipts in the preceding state fiscal year or received at least $75,000,000 in adjusted gross receipts in the preceding state fiscal year. Extends the provision until June 30, 2022, that requires the amount of wagering taxes that would be distributed to South Bend to be deposited as being received from all riverboats whose supplemental wagering taxes are over 3.5% and distributed in the same manner as the supplemental wagering tax. Provides that LaPorte County is entitled to a supplemental distribution in each year that Michigan City receives a supplement distribution that is equal to 40% of the amount that Michigan City receives. Provides that the general assembly encourages racinos to provide hold harmless funds to units in which riverboats operate to compensate for their losses due to wagering on table games.