Senate Bill No. 214 Summary

• Changes slot machine wagering tax calculation for racetrack casinos to use "taxable receipts" that exclude amounts paid for horse racing support, county slot machine fees, and French Lick casino supplemental fees.

• Implements a four-year phase-in of the exclusion, with taxable receipts calculated at 95% of adjusted gross receipts in fiscal year 2010-2011, decreasing to 82% by fiscal year 2013-2014 and beyond.

• Provides higher exclusion percentages (98% declining to 85%) for licensees that have paid the maximum $8,000,000 county slot machine wagering fees in a fiscal year.

• Requires the commission to issue a certificate of compliance to licensees that reach the $8,000,000 county fee cap and submit it to the department for tax calculation purposes.

• Repeals obsolete definition in IC 4-33-2-17.5 and becomes effective July 1, 2010.