Authors: Representative Todd Huston
Co-authors: Representative David Ober, Representative Cindy Kirchhofer, Representative Justin Moed
Sponsors: Senator Pete Miller, Senator James Merritt, Senator Jean Breaux
Co-Sponsors: Senator Jon Ford
Advisors: Representative Timothy Brown, Representative David Ober, Representative Justin Moed, Representative Cherrish Pryor, Representative Edward DeLaney
Provides that Indiana University may issue and sell bonds to acquire, erect, construct, reconstruct, improve, rehabilitate, remodel, repair, complete, extend, or enlarge capital improvements at the Michael A. Carroll Track and Soccer Stadium (stadium). Specifies that the principal costs of the bonds issued (excluding amounts necessary to provide money for debt service reserves, credit enhancement, or other costs incidental to the issuance of the bonds) may not exceed $20,000,000. Provides that the bonds may not be issued unless: (1) the bond issuance has been reviewed by the budget committee; (2) the director of the budget agency has approved the bond issuance; and (3) a lease agreement has been entered into by Indiana University and a professional soccer team concerning the use of the stadium by the professional soccer team. Requires the department of state revenue to separately account for: (1) all state sales taxes collected at the stadium or a specific hotel located in Indianapolis; and (2) all state income tax and county option income tax collected on the wages, salaries, and contractual payments paid by a professional soccer team that plays the majority of its home games at the stadium and all state income tax and county option income tax collected on the wages, salaries, and contractual payments paid by hotel. Provides that such county option income tax shall be deposited in the state general fund and not distributed to the county. Provides that if Indiana University issues the bonds, the county admission tax in Marion County is imposed on the admission to professional sports events at the stadium, and that such county admission tax revenue is deposited in the state general fund. Authorizes the capital improvement board of managers to: (1) adopt a resolution to distribute innkeeper's tax revenue collected from the hotel to the treasurer of state for deposit in the state general fund; and (2) adopt a resolution to distribute food and beverage tax revenue collected from the stadium and the hotel to the treasurer of state for deposit in the state general fund; if the capital improvement board of managers determines that such tax revenue is not needed to pay obligations owed by the capital improvement board of managers and that the retention of such revenue by the state will not impair the rights and remedies of holders of any bonds or other obligations. Provides that after the office of management and budget certifies that the sum of: (1) all state sales taxes collected from transactions at the stadium or hotel; (2) all adjusted gross income taxes and county option income taxes collected on the wages, salaries, and contractual payments paid by the professional soccer team or the hotel; (3) all admission taxes imposed on admission to professional sporting events at the stadium; (4) all county food and beverage taxes collected at the stadium or hotel that are distributed to the treasurer of state for deposit in the state general fund; and (5) all county innkeeper's taxes collected at the hotel that are distributed to the treasurer of state for deposit in the state general fund; equals the total amount of principal and interest payments to be made on the bonds issued for the capital improvements at the stadium, the county option income tax from the hotel shall not be retained by the state, the admission tax collected at the stadium shall be distributed to the capital improvement board, and the capital improvement board may not distribute county food and beverage tax and innkeeper's taxes collected at the stadium or hotel to the treasurer of state. Specifies that to the extent the costs of the capital improvements at the stadium exceed the sum of $20,000,000 plus any amounts paid or contributed by the city of Indianapolis for those costs, the professional soccer team or the professional soccer league in which the professional soccer team competes (or both) must pay those excess costs. Appropriates $1,500,000 from the state general fund in each year of the biennium to Indiana University for fee replacement. Requires taxpayers operating at stadium or the hotel to report to the department of state revenue the information that the department deems necessary to make the accounting for state and local taxes required by the bill.