Sec. 1.7. (a) This section applies only to a riverboat located in a historic hotel district in a state fiscal year if:

(1) the riverboat received not more than eighty million dollars ($80,000,000) of adjusted gross receipts during the preceding state fiscal year; and

(2) the operating agent for the riverboat and the owner of the historic hotels resort are the entities that were the operating agent and owner of the historic hotels resort on January 1, 2015.

(b) As used in this section, "historic hotels resort" refers to the historic hotels, the riverboat operated under IC 4-33-6.5, and other properties operated in conjunction with the historic hotel enterprise located in Orange County, including golf courses.

(c) An operating agent is entitled to a French Lick historic tax credit against the tax imposed under section 1.5 of this chapter as provided in this section. The amount of the credit for a state fiscal year is equal to the following:

(1) Fifty percent (50%) of the tax that the operating agent would otherwise be required to remit to the department, if the riverboat received not more than sixty million dollars ($60,000,000) of adjusted gross receipts during the preceding state fiscal year.

(2) Forty percent (40%) of the tax that the operating agent would otherwise be required to remit to the department, if the riverboat received more than sixty million dollars ($60,000,000) but not more than sixty-five million dollars ($65,000,000) of adjusted gross receipts during the preceding state fiscal year.

(3) Thirty percent (30%) of the tax that the operating agent would otherwise be required to remit to the department, if the riverboat received more than sixty-five million dollars ($65,000,000) but not more than seventy million dollars ($70,000,000) of adjusted gross receipts during the preceding state fiscal year.

(4) Twenty percent (20%) of the tax that the operating agent would otherwise be required to remit to the department, if the riverboat received more than seventy million dollars ($70,000,000) but not more than seventy-five million dollars ($75,000,000) of adjusted gross receipts during the preceding state fiscal year.

(5) Ten percent (10%) of the tax that the operating agent would otherwise be required to remit to the department, if the riverboat received more than seventy-five million dollars ($75,000,000) but not more than eighty million dollars ($80,000,000) of adjusted gross receipts during the preceding state fiscal year.

(6) A credit is not allowed under this section for a state fiscal year if the riverboat received more than eighty million dollars ($80,000,000) of adjusted gross receipts during the preceding state fiscal year.

The operating agent may apply the credit on any remittance.

(d) A credit under this section is not refundable.

(e) The amount of revenue retained as a credit must be used by the operating agent and the owner of the historic hotels resort for one (1) or more of the following purposes:

(1) For expenditures to maintain or operate a historic hotel, as determined by the owner of the historic hotels resort.

(2) For expenditures to maintain or operate:

(A) the grounds surrounding a historic hotel;

(B) supporting buildings and structures related to a historic hotel; and

(C) other facilities used by the guests of the historic hotel;

as determined by the owner of the historic hotels resort.

Any amount retained as a credit that is not used for a purpose described in subdivision (1) or (2) not more than twelve (12) months after the end of the state fiscal year in which the amount is retained must be remitted to the department for deposit in the state general fund.

(f) The owner of the historic hotels resort must maintain the records required by the department for the period specified by the department to substantiate that the money retained as a credit under this section was used for the purposes described in subsection (e).

As added by P.L.255-2015, SEC.17.