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Can you summarize 1 COCR 207-2 RULE 4?
SPORTS BETTING REGULATIONS > TAXES AND FEES Effective 4/14/20
Short Summary
This regulation governs the payment of sports betting taxes by Sports Betting Operations in Colorado. The tax rate is set at ten percent of net sports betting proceeds. The payment must be made to the Department of Revenue through electronic funds transfer, specifically using Automated Clearing House (ACH) debit. The Sports Betting Operation must remit the sports betting taxes separately and apart from any other taxes paid to the Department. Additionally, the Sports Betting Operation is required to electronically transmit a tax return to the Department, which should be done no later than the 15th day of the month following the calendar month in which the net sports betting proceeds were received. The tax return should provide a computation of the monthly tax due based on the 10% tax rate. The Department will notify the master licensee if a Sports Betting Operator fails to make a timely payment. The Director may grant an extension of up to five days for filing a return and payment, with a maximum of two extensions per year.
Whom does it apply to?
Sports Betting Operations in Colorado
What does it govern?
Payment of sports betting taxes by Sports Betting Operations in Colorado
What are exemptions?
No exemptions are mentioned in this document
What are the Penalties?
No penalties are mentioned in this document
Jurisdiction
Colorado