IN HB1337

Changes how slot machine wagering tax is calculated for racetrack casinos from adjusted gross receipts to "taxable receipts," defined as adjusted gross receipts minus payments to support horse racing, the host county, and French Lick casino

Maintains graduated tax rates: 25% on first $100 million, 30% on $100-200 million, and 35% on amounts over $200 million of taxable receipts per fiscal year

Requires licensees to calculate daily taxable receipts by multiplying adjusted gross receipts by 0.81 (fiscal years before July 1, 2012) or 0.82 (after June 30, 2012)

Caps county slot machine wagering fees at $8 million per state fiscal year, with multiplier increasing to 0.84 or 0.85 once cap is reached

Effective July 1, 2010, applying to state fiscal years beginning after June 30, 2010