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IN HB1401
Bill
Status
1/17/2017
Primary Sponsor
Robert Cherry
Click for details
AI Summary
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Authorizes advance deposit wagering on horse racing in Indiana through secondary pari-mutuel organizations (SPMOs) licensed by the Indiana horse racing commission.
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Imposes a 2% excise tax on all advance deposit wagers made by Indiana residents, with tax remittance to the Department of State Revenue by the 15th of the following month.
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Establishes the equine industry infrastructure fund to receive excise tax revenue, with 50% directed to permit holders for facility improvements and 50% distributed to horsemen's associations (8% quarter horses, 46% standardbred, 46% thoroughbred).
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Requires SPMOs to obtain a one-year license ($1,000 annual renewal fee, $5,000 nonrefundable application fee) and execute written contracts with each permit holder approved by the commission.
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Prohibits unlicensed SPMOs from accepting wagers from individuals physically located in Indiana, with permit holders able to recover $500 in presumptive damages per violation plus actual damages and attorney's fees; effective July 1, 2017.
Legislative Description
Advance deposit wagering. Authorizes wagering on horse racing through advance deposit wagering. Provides for the regulation of advance deposit wagering. Imposes an excise tax on wagers made through advance deposit wagering by Indiana residents. Establishes the equine industry infrastructure fund for the deposit of the excise tax revenue. Authorizes the use of the excise tax revenue for grants to promote Indiana horse racing and Indiana horse racing tracks. Authorizes the Indiana horse racing commission to adopt administrative rules concerning advance deposit wagering.
Last Action
Representatives Goodin and Lehe added as coauthors
1/18/2017