Indiana House OKs slots

The Indiana House of Representatives has passed a bill that would allow up to 5,000 slot machines at Indiana horse racing tracks. The measure now goes to the Senate for consideration, with the legislative session scheduled to end on Feb. 28.

The slot machine proposal passed the House by a 54-39 margin. It would allow each of the state’s two racetracks to pay a $100 million fee to install up to 2,500 slot machines. The money the machines bring would be taxed at a rate of 37.5 percent.

Thirty-five percent of the tax revenue would be distributed to Indiana counties without racetracks or riverboat casinos. Five percent of the tax revenue from Hoosier Park would go to county and local governments there, while five percent of the taxes from Indiana Downs would be distributed in that county. The rest of the tax revenue would go to the state’s main account.

Starting in 2009, the tracks and horse racing industry would give up the current riverboat gambling subsidy, which amounts to approximately $27 million. That money would instead be funneled into a health care fund that is not specifically outlined in the legislation.

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