§ 4-33-13-1.7 — Historic hotel district riverboat tax credit

Indiana § 4-33-13-1.7

• Jurisdiction: Indiana
• Art. 33: RIVERBOAT GAMBLING
• Ch. 13: Wagering Taxes

Text

7. (a) This section applies only to a riverboat
located in a historic hotel district in a state fiscal year if:
(1) the riverboat received not more than eighty million dollars
($80,000,000) of adjusted gross receipts during the preceding
state fiscal year; and
(2) the operating agent for the riverboat and the owner of the
historic hotels resort are the entities that were the operating agent
and owner of the historic hotels resort on January 1, 2015.
(b) As used in this section, "historic hotels resort" refers to the
historic hotels, the riverboat operated under IC 4-33-6.5, and other
properties operated in conjunction with the historic hotel enterprise
located in Orange County, including golf courses.
(c) An operating agent is entitled to a French Lick historic tax credit
against the tax imposed under section 1.5 of this chapter as provided in
this section. The amount of the credit for a state fiscal year is equal to
the following:
(1) Fifty percent (50%) of the tax that the operating agent would
otherwise be required to remit to the department, if the riverboat
received not more than sixty million dollars ($60,000,000) of
adjusted gross receipts during the preceding state fiscal year.
(2) Forty percent (40%) of the tax that the operating agent would
otherwise be required to remit to the department, if the riverboat
received more than sixty million dollars ($60,000,000) but not
more than sixty-five million dollars ($65,000,000) of adjusted
gross receipts during the preceding state fiscal year.
(3) Thirty percent (30%) of the tax that the operating agent would
otherwise be required to remit to the department, if the riverboat
received more than sixty-five million dollars ($65,000,000) but
not more than seventy million dollars ($70,000,000) of adjusted
gross receipts during the preceding state fiscal year.
(4) Twenty percent (20%) of the tax that the operating agent
would otherwise be required to remit to the department, if the
riverboat received more than seventy million dollars
($70,000,000) but not more than seventy-five million dollars
($75,000,000) of adjusted gross receipts during the preceding
state fiscal year.
(5) Ten percent (10%) of the tax that the operating agent would
otherwise be required to remit to the department, if the riverboat
received more than seventy-five million dollars ($75,000,000) but
not more than eighty million dollars ($80,000,000) of adjusted
gross receipts during the preceding state fiscal year.
(6) A credit is not allowed under this section for a state fiscal year
if the riverboat received more than eighty million dollars
($80,000,000) of adjusted gross receipts during the preceding
state fiscal year.
The operating agent may apply the credit on any remittance.
(d) A credit under this section is not refundable.
(e) The amount of revenue retained as a credit must be used by the
operating agent and the owner of the historic hotels resort for one (1)
or more of the following purposes:
(1) For expenditures to maintain or operate a historic hotel, as
determined by the owner of the historic hotels resort.
(2) For expenditures to maintain or operate:
(A) the grounds surrounding a historic hotel;
(B) supporting buildings and structures related to a historic
hotel; and
(C) other facilities used by the guests of the historic hotel;
as determined by the owner of the historic hotels resort.
Any amount retained as a credit that is not used for a purpose described
in subdivision (1) or (2) not more than twelve (12) months after the end
of the state fiscal year in which the amount is retained must be remitted
to the department for deposit in the state general fund.
(f) The owner of the historic hotels resort must maintain the records
required by the department for the period specified by the department
to substantiate that the money retained as a credit under this section
was used for the purposes described in subsection (e).

Legislative History

As added by P.L.255-2015, SEC.17.