Senate Bill 403 Summary

• Renames the 15% of adjusted gross receipts from slot machine revenues dedicated to horse racing as "racing support fees" and requires daily remittance to the Department of State Revenue instead of monthly payments to the Indiana Horse Racing Commission.

• Establishes the Indiana Horse Racing Support Fund to receive and distribute racing support fees to gaming integrity funds, horsemen's associations, and horse racing purses according to specified percentages for thoroughbred, standardbred, and quarter horse breeds.

• Changes the slot machine wagering tax calculation to use "taxable receipts" (adjusted gross receipts minus a qualified daily deduction) rather than adjusted gross receipts, with the deduction including a percentage of racing support fees and other wagering-related fees.

• Implements a three-year phase-in of the qualified daily deduction: 33% for fiscal year 2011-2012, 67% for fiscal year 2012-2013, and 100% for fiscal years beginning after June 30, 2013.

• Requires the county slot machine wagering fee (3%) and supplemental fee (1%) to be remitted daily to the department rather than monthly, and designates the Department of State Revenue to collect all racing-related fees from racetrack casinos.