IMS Tax Givaway Would Affect Local Tax Revenues To City and (Gasp!) the CIB

A lot of misinformation is swirling, regarding local tax revenue implications of SB91, the $100 million giveaway to the Indianapolis Motor Speedway.

From the bill itself (page 6 of the pdf, lines 24-34):

Sec. 5. As used in this chapter, "covered taxes" means the part of the following taxes attributable to the operation of facilities located in a motorsports investment district designated under this chapter:

(1) The state gross retail tax imposed under IC 6-2.5-2-1 or use tax imposed under IC 6-2.5-3-2.

(2) An adjusted gross income tax imposed under IC 6-3-2-1 on an individual.

(3) A county option income tax imposed under IC 6-3.5.

 

(4) An admissions tax (if any) imposed under IC 6-9.

 

Unfortunately, no estimate of the fiscal impact has been done by the Legislative Services Agency.  But, out of respect to the taxpayers of Indianapolis, let's at least stop with the erroneous information that this is only a State Tax giveaway.