Colorado wants to keep extra money from sports betting taxes for water projects, but they need Colorado voters to agree first.
Colorado Seeks Voter Approval to Redirect Sports Betting Taxes Toward Water Projects
According to Ballot Pedia News, the Colorado State Legislature wants to let Colorado voters decide on keeping extra money from sports betting taxes. They passed a law in 2019 to tax sports betting at 10%. This tax was meant to fund different state projects. Now, they want to use extra money from this tax for water projects but they need Colorado voters to agree.
If Colorado voters say yes, Colorado can keep extra money from sports betting taxes each year. This extra money would go towards water projects. But if Colorado voters say no, the state will give back extra taxes paid by casinos and sports betting places. It’s important because it’s up to the people to decide how the state uses its money, especially under Colorado’s rules.
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$29 Million: Colorado Voters to Decide on Retaining Tax Revenue from Sports Betting (PHOTO: Circle of Blue)
TABOR Rule Empowers Colorado Voters in Fiscal Decision-Making
Furthermore, Colorado’s government often asks Colorado voters about money decisions following a rule called TABOR. This rule says the government can’t raise a lot of extra money without asking voters first. Recently, Colorado voters said yes to keeping extra money from tobacco taxes. Now, with this sports betting tax, Colorado voters get another chance to have a say. It’s all about making sure the state uses its money the way people want.
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