[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.