1. (a) The department shall before July 1 of each year determine the following:

   1. (1) The greater of:

      1. (A) eight million five hundred thousand dollars ($8,500,000); or
      2. (B) the amount of credits allowed under this chapter for taxable years ending before January 1 of the year.

   2. (2) The quotient of:

      1. (A) the amount determined under subdivision (1); divided by
      2. (B) four (4).

2. (b) Except as provided in subsection (d), one-half (1/2) of the amount determined by the department under subsection (a)(2) shall be:

   1. (1) deducted each quarter from the riverboat supplemental wagering tax revenue otherwise payable to the county under IC 4-33-12-8 and the supplemental distribution otherwise payable to the county under IC 4-33-13-5 (f); and
   2. (2) paid instead to the state general fund.

3. (c) Except as provided in subsection (d), one-sixth (1/6) of the amount determined by the department under subsection (a)(2) shall be:

   1. (1) deducted each quarter from the riverboat supplemental wagering tax revenue otherwise payable under IC 4-33-12-8 and the supplemental distribution otherwise payable under IC 4-33-13-5 (f) to each of the following:

      1. (A) The largest city by population located in the county.
      2. (B) The second largest city by population located in the county.
      3. (C) The third largest city by population located in the county; and
   2. (2) paid instead to the state general fund.

4. (d) If the amount determined by the department under subsection (a)(1)(B) is less than eight million five hundred thousand dollars ($8,500,000), the difference of:

   1. (1) eight million five hundred thousand dollars ($8,500,000); minus

   2. (2) the amount determined by the department under subsection (a)(1)(B);

      shall be paid in four (4) equal quarterly payments to the northwest Indiana regional development authority established by IC 36-7.5-2-1 instead of the state general fund. Any amounts paid under this subsection shall be used by the northwest Indiana regional development authority only to establish or improve public mass rail transportation systems in Lake County.

As added by P.L.151-2001, SEC.5. Amended by P.L.178-2002, SEC.51; P.L.166-2014, SEC.25; P.L.192-2015, SEC.4; P.L.255-2015, SEC.59; P.L.204-2016, SEC.26; P.L.108-2019, SEC.122; P.L.293-2019, SEC.44; P.L.156-2020, SEC.24.