It has been reported that on Monday, April 15, Indiana bill SB 528 passed the House by a vote of 73-17. The bill would see a total of $10 million in slot machine revenue currently earmarked for the horse racing industry instead redirected to the state's auto racing industry.
An article by thestatehousefile.com explains that $5 million of the funds would be used to pay bonds for speedway improvements, while the other $5 million would be redirected to be used as low-interest loans to other statewide auto racing businesses.
SB 528 is now headed to a conference committee.
Rep. Dan Leonard spoke out against the bill, stating that taking money from one private industry to support another is bad public policy.
“How would you feel if we were asking the motor speedway to put this $10 (million) tax on them and give it to the racinos?” he was quoted as telling lawmakers. “The racinos were in bankruptcy. Maybe we should help them out.”
(With files from thestatehousefile.com)
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