Indiana slots bill advances

Legislation that would permit slot machines at both Hoosier Park and Indiana Downs crossed the first hurdle Wednesday, February 14 as it passed out of the House Public Policy committee by a 9-3 vote. House Bill 1835 calls for up to 2,500 machines apiece at both locations.

The bill, authored by Rep. Trent Van Haaften, D-Mount Vernon, would require that each track pay a $75 million franchise fee. Once slots were operational, the tracks would pay a 32.5 percent tax on revenue up to $150 million. Once adjusted gross receipts exceed $150 million, the tax would increase to 37.5 percent.

HB 1835 will now advance to the Indiana House for consideration. Stakeholders in the state’s racing industry have tried unsuccessfully over the last several years to pass slots legislation. Last year bills were filed but never received a hearing in committee. Currently, the racing industry receives a $27 million annual subsidy derived from riverboat admission tax revenue.

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