Colorado Governor Wants to Raise Casino Tax

Colorado Governor Jared Polis, whose term ends in January, has proposed raising the tax on casinos in the state before his term expires. Polis wants to raise the current effective tax rate of 16.1% by moving to a tiered system. This change would bring the rate closer to the national average of 26%.

The proposed effective rate would be 23%. Casinos whose earnings exceed a certain threshold would pay a 35% tax. Casinos with annual earnings between $20 million and $100 million would pay no more than 27.5% in tax.

According to the governor's office, the measure could generate an additional $80.2 million per year. This revenue would be used to fund child care and preschool programs. In its statement, the office said that since Polis took office in 2019, the average per-student fund has risen from $8,137 to $12,325.

Whether the proposal is put into effect depends on the response of the legislature. No developments have occurred on the matter so far.