that Engrossed House Bill 1528 be amended to read as follows:
SOURCE: Page 1, line 1; (03)MO152803.1. -->
Page 1, between the enacting clause and line 1, begin a new
paragraph and insert:
SOURCE: IC 4-33-2-10.5; (03)MO152803.1. -->
IS ADDED TO THE INDIANA
CODE AS A NEW SECTION TO READ AS FOLLOWS
[EFFECTIVE JULY 1, 2003]: Sec. 10.5. As used in
"gross income" means all the gross receipts a licensed owner
receives from the sale, transfer, or exchange of:
(1) property, real or personal, tangible or intangible; and
(2) an owner's license issued under this article.
SOURCE: IC 4-33-4-21; (03)MO152803.2. -->
IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2003]: Sec. 21. (a) A licensed
owner or any other person must apply for and receive the
commission's approval before:
(1) an owner's license is:
(B) sold; or
(C) purchased; or
(2) a voting trust agreement or other similar agreement is
established with respect to the owner's license.
(b) The commission shall adopt rules governing the procedure a
licensed owner or other person must follow to take an action under
subsection (a). The rules must specify that a person who obtains an
ownership interest in a license must meet the criteria of this article and
any rules adopted by the commission. A licensed owner may transfer
an owner's license only in accordance with this article and rules
adopted by the commission.
(c) A licensed owner or any other person may not:
(2) hypothecate; or
(3) borrow or loan money against;
an owner's license.
(d) The commission shall impose a transfer fee upon a licensed
owner who sells, transfers, or exchanges an owner's license. The
fee imposed under this subsection is equal to:
(1) the gross income received from a transaction or a series
of transactions that includes the sale, transfer, or exchange of
an owner's license with:
(A) a person; or
(B) a person affiliated with that person; multiplied by
(2) four percent (4%).
The gaming commission shall deposit a fee collected under this
subsection in the state general fund.
(e) For purposes of this section, a person "affiliated" with a
specific person is a person that directly, or indirectly through one
(1) or more intermediaries, controls, or is controlled by, or is
under common control with, the person specified.
Renumber all SECTIONS consecutively.
(Reference is to EHB 1528 as printed April 4, 2003.)
MO152803/DI 104 2003