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Colorado Revised Statutes Title 44. Activities Regulated by the Department of Revenue § 44-30-1508. Sports betting tax--rules--repeal

Current as of January 01, 2025 | Updated by Findlaw Staff

<Section affected by ballot issue posed November 2024; see subsection (3) for details. >

(1) There is hereby imposed a tax on sports betting activity, at the rate of ten percent of net sports betting proceeds. The commission shall establish by rule the form and manner in which the tax is collected.

(2) Except as provided in subsection (3) of this section, all proceeds of the sports betting tax shall be forwarded to the state treasurer, who shall credit them to the sports betting fund created in section 44-30-1509.

(3)(a) If a majority of the electors voting in the November 2024 election vote “No/Against” on the ballot issue submitted to the voters pursuant to section 44-30-1517(2), then the state treasurer shall credit all proceeds of the sports betting tax as follows:

(I) All proceeds up to the first twenty-nine million dollars collected annually to the sports betting fund created in section 44-30-1509; and

(II) All proceeds in excess of the first twenty-nine million dollars collected annually to the sports betting tax refund cash fund created in section 44-30-1518(1).

(b) If a majority of the electors voting in the November 2024 election vote “Yes/For” on the ballot issue submitted to the voters pursuant to section 44-30-1517(2), this subsection (3) is repealed, effective January 1, 2025.

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Cite this article: FindLaw.com - Colorado Revised Statutes Title 44. Activities Regulated by the Department of Revenue § 44-30-1508. Sports betting tax--rules--repeal - last updated January 01, 2025 | https://codes.findlaw.com/co/title-44-activities-regulated-by-the-department-of-revenue/co-rev-st-sect-44-30-1508/

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