Sports Betting Tax Revenue Voter Approval
HB24-1436
LAST ACTION: 05/20/2024 | Governor Signed
Concerning the referral of a ballot issue related to the revenue from the sports betting tax, and, in connection therewith, referring a ballot issue to the voters to allow the state to keep and spend all sports betting tax revenue in excess of the twenty-nine million dollar estimated increase in state tax revenue approved by voters in 2019 for the purpose of funding water conservation and protection projects rather than refunding such excess revenue to casinos.
SESSION: 2024 Regular Session
SUBJECTS: Fiscal Policy & Taxes; Gaming, Lottery, & Racing; State Revenue & Budget; Water
BILL SUMMARY
The bill refers a ballot issue to the voters at the November 2024 statewide election to allow the state to keep and spend all revenue from the existing tax on the net proceeds of licensed sports betting (sports betting tax), including revenue in excess of the $29 million fiscal year estimate included in the 2019 ballot question as follows:
All revenue from the sports betting tax up to $29 million annually, together with all revenue derived by the division of gaming in the department of revenue, will continue to be used to pay for the regulation of sports betting, to offset losses to other wagering revenue recipients, and to support responsible gaming, with any remaining money being transferred to the water plan implementation cash fund; and
All sports betting tax revenue in excess of $29 million annually will be transferred to the water plan implementation cash fund to be used for water conservation and protection projects.
If the majority of electors voting at the November 2024 statewide election vote against allowing the state to keep and spend all sports betting tax revenue as outlined above, then any tax revenue collected in excess of $29 million annually will be refunded to the licensed sports betting operations that paid the sports betting tax according to a reasonable method to be determined by the department of revenue.
(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)