IN HB1074

Redirects $0.65 per person of riverboat admissions tax from the Indiana Horse Racing Commission to the state general fund

Reduces the percentage of slot machine wagering revenue set aside for horse racing from 97% to 39.5%, with distributions to horse racing capped at $27,000,000 per state fiscal year

Requires 57.5% of the horse racing set aside to be deposited in the state general fund, with any amounts exceeding the $27,000,000 cap also going to the general fund

Changes the slot machine wagering tax base from adjusted gross receipts to "taxable receipts" (adjusted gross receipts minus amounts paid to support the horse racing industry), effective January 1, 2012

Requires daily payment to the state general fund for amounts exceeding the horse racing cap and for the 57.5% general fund portion