Indiana § 4-31-9-2 - Purse money
Full text of Indiana Indiana Code § 4-31-9-2 — Purse money, with citation guidance and answers to common questions.
§ 4-31-9-2. Purse money
Sec. 2. Each person that holds a permit to conduct a horse racing meeting or a permit holder licensed to operate a satellite facility shall pay as purse money from the amounts withheld under section 1 of this chapter an amount equal to:
(1) eight percent (8%) of the total amount of money wagered on live races at a permit holder's racetrack; plus
(2) five percent (5%) of the total amount of money wagered on simulcasts of horse races that originate from a permit holder's racetrack and are televised at the permit holder's satellite facilities; plus
(3) on the simulcast of races, for the Indiana sending or Indiana receiving track, the total amount to be paid to purses, after deducting:
(A) pari-mutuel tax payments owed to Indiana; and
(B) the contractual obligations owed to the racetrack from which the races originated;
shall be determined, subject to the approval of the commission, by one (1) or more contracts between the applicable Indiana permit holders and the applicable horsemen's association, and the allocation of this amount between breeds, if applicable, shall be determined by the rules of the commission.
As added by P.L.341-1989(ss), SEC.2. Amended by P.L.24-1992, SEC.29.
Frequently Asked Questions About Indiana § 4-31-9-2
What does Indiana Code § 4-31-9-2 cover?
Section 4-31-9-2 ("Purse money") is part of the Indiana Code, the codified statutory law of Indiana. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Indiana § 4-31-9-2?
A common citation format is "Indiana Code § 4-31-9-2" (Indiana). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Indiana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Indiana official source linked on this page or consult a licensed Indiana attorney.
How does Indiana § 4-31-9-2 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Indiana can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Indiana.