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Indiana Casinos Owe $130 Million in Back Taxes, Fees18 October 2004INDIANAPOLIS -- As reported by the Associated Press: "Indiana's 10 casinos owe the state about $130 million in back taxes plus penalties and interest, an Indiana Department of Revenue audit shows. "In addition to what the casinos owe for the 1995-2002 tax years, they also could owe an additional $30 million annually starting this year, agency spokeswoman Cathy Henninger said. "Casino industry officials say this combined tax bill, along with other recent tax changes, could stifle investment in the state's casino properties. "...The back taxes, penalties and interest stem from an Indiana Tax Court ruling earlier this year that the boats had made improper deductions from their taxable income. The casinos appealed but the Indiana Supreme Court late last month let the Tax Court ruling stand. "The revenue department has been sending assessments to the individual casinos based on the audits. It did not disclose how much each owes under the Tax Court decision. "Henninger said the estimates do not include the 2003 tax year because the boats had until Friday to file tax amendments..." |