Sec. 3. (a) At the close of each day on which a permit holder or satellite facility operator conducts pari-mutuel wagering on live racing or simulcasts at a racetrack or satellite facility, the permit holder or satellite facility operator shall pay to the department of state revenue a tax on the total amount of money wagered on that day as follows:

(1) Two percent (2%) of the total amount of money wagered under IC 4-31-7 at a permit holder’s racetrack.

lawyer at desk

Ask a business law question, get an answer ASAP!
Thousands of highly rated, verified business lawyers.
Click here to chat with a lawyer about your rights.

Terms Used In Indiana Code 4-31-9-3

  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(2) Two and one-half percent (2.5%) of the total amount of money wagered under IC 4-31-5.5-6 at a permit holder’s satellite facility.

     (b) The taxes collected under subsection (a) shall be paid from the amounts withheld under section 1 of this chapter and shall be distributed as follows:

(1) The first one hundred fifty thousand dollars ($150,000) of taxes collected during each state fiscal year shall be deposited in the veterinary school research account established by IC 4-31-12-22.

(2) The remainder of the taxes collected during each state fiscal year shall be paid into the Indiana horse racing commission operating fund (IC 4-31-10).

     (c) The tax imposed by this section is a listed tax for purposes of IC 6-8.1-1.

     (d) The payment of the tax under this section must be reported and remitted electronically through the department’s online tax filing program.

As added by P.L.341-1989(ss), SEC.2. Amended by P.L.24-1992, SEC.30; P.L.26-1996, SEC.1; P.L.186-2002, SEC.9; P.L.108-2019, SEC.70; P.L.165-2021, SEC.49; P.L.137-2022, SEC.3.

  Previous section
Next section  
 Chapter 9 Contents