DIGEST OF INTRODUCED BILL
Slot machines at racetracks. Authorizes slot machines at racetracks. Imposes a wagering tax of 40% of the adjusted gross receipts from slot machine wagering. Redirects certain riverboat admissions taxes from the horse racing commission to the economic development corporation (corporation). Provides for the annual distribution of slot machine wagering taxes before July 1, 2007, as follows: (1) the first $27,205,284 to the horse racing commission to be used in the same manner as riverboat admissions taxes are currently used; and (2) the remainder to the corporation. Provides for the annual distribution of slot machine taxes after June 30, 2007, to the corporation. Requires the corporation to allocate: (1) $48,000,000 annually to the capital improvement board for a convention center stadium project; (2) $100,000 annually to the excluded cities for economic development; and (3) $1,000,000 annually to the Indiana Sports Corporation. Authorizes the corporation to allocate revenues to economic development projects throughout Indiana. Imposes a horse racing promotion fee of 13% of the adjusted gross receipts from slot machine wagering. Provides for the distribution of the fees to purses, breed development, and the associations representing owners, breeders, and trainers. Makes an appropriation.