Tag: Water

Proposition JJ: Should the state be able to retain additional revenues from the sports betting tax?

Thirsty untended cattle left to fend for themselves on BLM land in winter climb into the Grand Valley Canal and break through the ice to get water. Proposition JJ would let the state keep revenues generated by the sports betting tax over the $29 million cap and put those funds towards water projects state wide. The Colorado Cattlemens Association supports Proposition JJ.

[Propositions placed on the ballot by the legislature that amend state statutes or refer a tax question to the voters are identified by double letters.]

Proposition JJ would let the state keep additional revenue it collects from the sports betting tax above the amount voters approved when they first legalized sports betting in 2019. Proposition DD, approved by voters in 2019, authorized the state to keep up to $29 million/year in taxes generated by sports betting. Proposition JJ  will let the state keep revenue the tax generates above the $29 million cap and spend it on water projects throughout the state instead of refunding it to casinos and sports betting operators.

In Colorado, sports betting is taxed at 10%, compared to 36% in Pennsylvania and 52% in New York.

In budget year 2024-2025, the amount collected over the $29 million cap is forecast to be $1.2 million, and in 2025-2026 it is expected to be $2.5 million.