Section 4-33-13-2.5 - Deposits of Gary riverboat graduated wagering tax revenue(a) This section applies only to tax revenue: (1) remitted by a licensed owner operating a riverboat sited at a location approved under IC 4-33-6-4.5; and(2) collected under this chapter after June 30, 2025.(b) Notwithstanding section 3 of this chapter, the department shall deposit from the tax revenue remitted under this chapter by a licensed owner operating a riverboat sited at a location approved under IC 4-33-6-4.5 amounts as follows: (1) In each state fiscal year beginning after June 30, 2025, and ending before July 1, 2027, an amount equal to the amount deposited under IC 36-7.5-6-5(a) by the city of Gary in the blighted property demolition fund established by IC 36-7.5-6-4, up to three million dollars ($3,000,000).(2) In each state fiscal year beginning after June 30, 2025, and ending before July 1, 2045, an amount equal to the amount deposited under IC 36-7.5-7-5(c) by an entity in the Lake County economic development and convention fund established by IC 36-7.5-7-5, up to five million dollars ($5,000,000).(3) In each state fiscal year beginning after June 30, 2025, and ending before July 1, 2050, an amount equal to the amount deposited under IC 36-7.5-8-4 by the city of Gary, or on behalf of the city of Gary from any other source, in the Gary Metro Center station revitalization fund established by IC 36-7.5-8-3, up to three million dollars ($3,000,000). Any amount of tax revenue remitted under this chapter by a licensed owner operating a riverboat sited at a location approved under IC 4-33-6-4.5 in a state fiscal year that exceeds the amount required for the deposits in this subsection for the state fiscal year must be deposited in the state gaming fund under section 3 of this chapter.
(c) Budget committee review is required before any money may be: (1) matched under subsection (b); and(2) released to any of the following funds:(A) The blighted property demolition fund established by IC 36-7.5-6-4.(B) The Lake County economic development and convention fund established by IC 36-7.5-7-5.(C) The Gary Metro Center station revitalization fund established by IC 36-7.5-8-3.(d) The northwest Indiana regional development authority established by IC 36-7.5-2-1 shall provide any information to the department that the department determines is necessary for the department to carry out this section.(e) This section expires July 1, 2050.Added by P.L. 195-2023,SEC. 1, eff. 7/1/2023.