Ask Reggi Your Question Now
Can you summarize 1 COCR 207-1 RULE 14?
GAMING REGULATIONS > GAMING TAX
Short Summary
The document outlines the regulations governing the gaming tax and device fee rates in Colorado. It applies to retail licensees conducting or offering limited gaming in the state. The tax rates are determined based on the adjusted gross proceeds from limited gaming, with different rates applicable to different revenue brackets. Retail licensees are liable for paying the gaming tax to the Department of Revenue. The document specifies the payment methods, deadlines, and formats for tax returns. It also mentions that charitable gaming conducted under specific provisions is subject to a flat limited gaming tax. The administration, collection, and enforcement of the gaming tax are governed by relevant articles of Title 39 of the Colorado Revised Statutes. Additionally, the document outlines the requirements for retail licensees to furnish an assignment of security or a surety bond to ensure payment of gaming taxes. The surety bond must be filed with the Division of Gaming before conducting any limited gaming activities. The document provides an alternative option for licensees to assign a savings account, deposit, or certificate of deposit to the Division of Gaming instead of filing a surety bond. However, both the assignment and the filing of a surety bond do not relieve the licensee from the timely filing and payment of gaming taxes. Failure to furnish or maintain a surety bond may result in the cancellation of the license. Licensees may request a release of the assignment or surety bond within 60 days of losing their gaming licenses.
Whom does it apply to?
Retail licensees conducting or offering limited gaming in Colorado
What does it govern?
Regulations regarding the gaming tax and device fee rates in Colorado
What are exemptions?
Charitable gaming conducted under specific provisions is subject to a flat limited gaming tax
What are the Penalties?
Failure to furnish or maintain a surety bond may result in the cancellation of the license
Jurisdiction
Colorado