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Indiana Code Title 4. State Offices and Administration § 4-31-7.5-18

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 18. (a) As used in this section, “net source market fee” means the difference between:

(1) the amount of the source market fee received by a permit holder from a licensed SPMO;  minus

(2) the amount of expenses incurred by the permit holder under this chapter.

(b) Each permit holder shall not later than the end of each month pay to the commission as an advance deposit wagering fee an amount equal to sixty percent (60%) of the net source market fee received from a licensed SPMO during the preceding month.

(c) The commission shall use twenty-five percent (25%) of the revenue received from advance deposit wagering fees under subsection (b) to promote horse racing at the state fair and county fairs.

(d) The commission shall use seventy-five percent (75%) of the revenue received to promote and encourage Indiana horse owner and horse trainer participation at a permit holder's horse racing facility as follows:

(1) Eight percent (8%) of the revenue described shall be distributed to the horsemen's association representing quarter horses.

(2) Forty-six percent (46%) of the revenue shall be distributed to the horsemen's association representing standardbred owners and trainers.

(3) Thirty-six and eight-tenths percent (36.8%) of the revenue shall be distributed to the horsemen's association representing thoroughbred owners and trainers.

(4) Nine and two-tenths percent (9.2%) of the revenue shall be distributed to the horsemen's association representing thoroughbred owners and breeders.

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Cite this article: FindLaw.com - Indiana Code Title 4. State Offices and Administration § 4-31-7.5-18 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-4-state-offices-and-administration/in-code-sect-4-31-7-5-18/

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