Colorado House committee advances bill taxing promotional sports bets
Colorado's House Finance Committee advanced HB 1311, which would make promotional bets non-deductible from taxable revenue for licensed sports betting and igaming casino operators. The bill proposes keeping the existing 10% tax rate and allocating 6% of new revenue to the Wagering Recipients’ Hold Harmless Fund and 94% to the Water Plan Implementation Cash Fund. It now goes to the Appropriations Committee, the report said.
If enacted, operators would face a change to how promotional wagers count towards Colorado taxable revenue.