Engrossed House Bill (S)

Authored by

DIGEST

Gaming taxes. Provides that certain tax rates apply to a riverboat in a historic hotel district. Makes the supplemental wagering tax 3% of a riverboat's adjusted gross receipts (AGR) for a riverboat that has relocated to an inland casino. Provides that the supplemental wagering tax shall be imposed starting the day operations begin at an inland casino. Provides that beginning July 1, 2018, the supplemental wagering tax is based on the riverboat's adjusted gross receipts multiplied by: (1) the total riverboat admissions tax that the riverboat paid beginning July1, 2016, and ending June 30, 2017; divided by (2) the riverboat's Gaming taxes. Provides that certain tax rates apply to a riverboat in a historic hotel district. Makes the supplemental wagering tax 3% of a riverboat's adjusted gross receipts (AGR) for a riverboat that has relocated to an inland casino. Provides that the supplemental wagering tax shall be imposed starting the day operations begin at an inland casino. Provides that beginning July 1, 2018, the supplemental wagering tax is based on the riverboat's adjusted gross receipts multiplied by: (1) the total riverboat admissions tax that the riverboat paid beginning July1, 2016, and ending June 30, 2017; divided by (2) the riverboat's adjusted gross receipts beginning July 1, 2016 and ending June 30, 2017. Provides that for a one year period, the amount of wagering taxes that would be distributed to South Bend shall be deposited as being received from all riverboats whose supplemental wagering taxes is over 3.5% and distributed in the same manner as the supplemental wagering tax. Provides that after June 30, 2019, the amount of wagering taxes that would be distributed to South Bend shall be deposited in the state general fund. Provides that the Indiana income tax add back for: (1) 70% of deductions in state fiscal year 2019; and (2) 40% of deductions in state fiscal year 2020; is required for any deduction allowed on the taxpayer's federal income tax return for wagering taxes. Provides that after state fiscal year 2020, the Indiana income tax add back for deductions allowed under the Internal Revenue Code for taxes based on or measured by income and levied at the state level does not apply to any deduction allowed on the taxpayer's federal income tax return for wagering taxes. Removes references to "gambling excursions". Repeals flexible scheduling for riverboats. ... View more