Daily Tax Report: State

Colorado Sports Betting Bill Is Law; Voters Must OK Tax

May 30, 2019, 6:07 PM

Colorado will allow sports gambling as of May 1, 2020, if voters approve a gambling tax that could bring in as much as $6.5 million in new revenue for water resources in the state.

Gov. Jared Polis (D) signed a bill (H.B. 1327) May 29 decriminalizing sports betting and asking voters to approve a 10% tax on net sports betting proceeds. Colorado’s Taxpayer Bill of Rights, a 1992 constitutional amendment, requires voter approval for all tax hikes.

  • The referendum (Proposition DD) will be on the November ballot.
  • The tax would generate from $6.3 million to $6.5 million...
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