Slot Bill ApprovedPosted by: Eric Dane | Posted on: August 3, 2017
A bill allowing slot machines at both Indiana Downs and Hoosier Park passed the first barrier on Wednesday, February 14th as it was approved via a vote by the House Public Policy Committee. The result of the vote reveals that 9 are in favor of the bill while 3 are against it.
House Bill 1835, authored by Trent Van Haaften, will allow up to 2,500 machines for both race track locations. The bill will require these race tracks to pay $75 million as franchise fees. In addition, when each slot facility is operational, each track will pay another 32.5% tax revenue of up to $150 million. Moreover, when the tax receipts surpass $150 million, the tax on revenue will further increase to 37.5%. At present, the racing industry receives an annual subsidy of $27 million from riverboat tax revenues.
House Bill 1835 will go to the Indiana House for further study and consideration. State racing stakeholders have tried to pass slots legislation for the last several years, but failed. In 2006, for instance, slot legislation bills were filed, but did not even make it to a committee hearing.