Section 44-30-1508 - Sports betting tax - rules - repeal(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vote "Yes/For" on the ballot issue submitted to the voters pursuant to section 44-30-1517 (2), this subsection (3) is repealed, effective January 1, 2025.Amended by 2024 Ch. 212,§ 2, eff. 5/20/2024.Added by 2019 Ch. 347, § 12, eff. 5/1/2020.L. 2019: Entire part added, (HB 19-1327), ch. 3228, p. 3228, § 12, effective 5/1/2020.Section 16(2) of chapter 347 (HB 19-1327), Session Laws of Colorado 2019, provides that this section takes effect May 1, 2020, only if, at the November 2019 statewide election, a majority of voters approve the ballot question submitted pursuant to § 44-30-1514 . That ballot question, referred to the registered electors as proposition DD, was approved on November 5, 2019, and was proclaimed by the Governor on December 20, 2019. The vote count for the measure was as follows:
FOR:800,745
AGAINST:756,712