HB 24-1436

In November 2024, Colorado voters will decide whether the state can keep and use all money from taxes on sports betting, beyond an initial $29 million limit. If approved, extra funds would go towards water conservation projects; if rejected, any excess tax revenue must be refunded to the companies that paid it. The bill has been signed into law and is now effective as of May 20, 2024.

Official Summary

The act refers a ballot issue to the voters at the November 2024 statewide election to allow the state to keep and spend all revenue from the existing tax on the net proceeds of licensed sports betting (sports betting tax), including revenue in excess of the $29 million fiscal year estimate included in the 2019 ballot question as follows: All revenue from the sports betting tax up to $29 million annually, together with all revenue derived by the division of gaming in the department of revenue, will continue to be used to pay for the regulation of sports betting, to offset losses to other wagering revenue recipients, and to support responsible gaming, with any remaining money being transferred to the water plan implementation cash fund; and All sports betting tax revenue in excess of $29 million annually will be transferred to the water plan implementation cash fund to be used for water conservation and protection projects. If the majority of electors voting at the November 2024 statewide election vote against allowing the state to keep and spend all sports betting tax revenue as outlined above, then any tax revenue collected in excess of $29 million annually will be refunded to the licensed sports betting operations that paid the sports betting tax according to a reasonable method to be determined by the department of revenue. APPROVED by Governor May 20, 2024 EFFECTIVE May 20, 2024(Note: This summary applies to this bill as enacted.)

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