Sec. 2.5. (a) This section applies only to tax revenue:
(1) remitted by a licensed owner operating a riverboat sited at a location approved under IC 4-33-6-4.5; and
(2) collected under this chapter after June 30, 2025.
(b) Notwithstanding section 3 of this chapter, the department shall deposit from the tax revenue remitted under this chapter by a licensed owner operating a riverboat sited at a location approved under IC 4-33-6-4.5 amounts as follows:
(1) In each state fiscal year beginning after June 30, 2025, and ending before July 1, 2027, an amount equal to the amount deposited under IC 36-7.5-6-5(a) by the city of Gary in the blighted property demolition fund established by IC 36-7.5-6-4, up to three million dollars ($3,000,000).
(2) In each state fiscal year beginning after June 30, 2025, and ending before July 1, 2045, an amount equal to the amount deposited under IC 36-7.5-7-5(c) by an entity in the Lake County economic development and convention fund established by IC 36-7.5-7-5, up to five million dollars ($5,000,000).
(3) In each state fiscal year beginning after June 30, 2025, and ending before July 1, 2050, an amount equal to the amount deposited under IC 36-7.5-8-4 by the city of Gary, or on behalf of the city of Gary from any other source, in the Gary Metro Center station revitalization fund established by IC 36-7.5-8-3, up to three million dollars ($3,000,000).
Any amount of tax revenue remitted under this chapter by a licensed owner operating a riverboat sited at a location approved under IC 4-33-6-4.5 in a state fiscal year that exceeds the amount required for the deposits in this subsection for the state fiscal year must be deposited in the state gaming fund under section 3 of this chapter.
(c) Budget committee review is required before any money may be:
(1) matched under subsection (b); and
(2) released to any of the following funds:
(A) The blighted property demolition fund established by IC 36-7.5-6-4.
(B) The Lake County economic development and convention fund established by IC 36-7.5-7-5.
(C) The Gary Metro Center station revitalization fund established by IC 36-7.5-8-3.
(d) The northwest Indiana regional development authority established by IC 36-7.5-2-1 shall provide any information to the department that the department determines is necessary for the department to carry out this section.
(e) This section expires July 1, 2050.