Sec. 2. Each person that holds a permit to conduct a horse racing meeting or a permit holder licensed to operate a satellite facility shall pay as purse money from the amounts withheld under section 1 of this chapter an amount equal to:

(1) eight percent (8%) of the total amount of money wagered on live races at a permit holder’s racetrack; plus

(2) five percent (5%) of the total amount of money wagered on simulcasts of horse races that originate from a permit holder’s racetrack and are televised at the permit holder’s satellite facilities; plus

(3) on the simulcast of races, for the Indiana sending or Indiana receiving track, the total amount to be paid to purses, after deducting:

(A) pari-mutuel tax payments owed to Indiana; and

(B) the contractual obligations owed to the racetrack from which the races originated;

shall be determined, subject to the approval of the commission, by one (1) or more contracts between the applicable Indiana permit holders and the applicable horsemen’s association, and the allocation of this amount between breeds, if applicable, shall be determined by the rules of the commission.

As added by P.L.341-1989(ss), SEC.2. Amended by P.L.24-1992, SEC.29.