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Can you summarize IC 4-33-12-0.7?
Admission Taxes > Taxation of adjusted gross receipts of Gary riverboats
Short Summary
This section of the Indiana Code applies to licensed owners of riverboats operated in accordance with IC 4-33-6-1(d). It states that adjusted gross receipts received by two riverboats operated by the licensed owner must be taxed separately under this chapter, even if the riverboats are operated under a single license. For state fiscal years ending before July 1, 2025, when a licensed owner begins gaming operations at a new riverboat sited at an approved location, the adjusted gross receipts received by the riverboat must be taxed as if received from two riverboats. The licensed owner must allocate the adjusted gross receipts into two separate tax bases proportionally to the amount each riverboat operating from a dock in Gary received in the state fiscal year ending June 30, 2018. The licensed owner’s tax liability is determined by applying the tax rates for the docked riverboats with the greater and lesser amount of adjusted gross receipts in the state fiscal year ending June 30, 2018. For state fiscal years beginning after June 30, 2025, adjusted gross receipts received by a riverboat sited at an approved location are subject to taxation as adjusted gross receipts received from a single riverboat.
Whom does it apply to?
Licensed owners of riverboats operated in accordance with IC 4-33-6-1(d)
What does it govern?
Taxation of adjusted gross receipts of Gary riverboats
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Indiana