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Can you summarize 44 CORS Article 30, Part 6?
COLORADO LIMITED GAMING ACT > GAMING TAX
Short Summary
This legal document imposes a gaming tax on the adjusted gross proceeds of gaming allowed by the Colorado Limited Gaming Act. The tax rate is set by the commission and cannot exceed forty percent of the adjusted gross proceeds. The commission considers various factors when setting the tax rate, including the need to provide money for historic restoration and preservation, the impact on communities and state agencies, the profitability of licensees, and the expenses of the commission and division. The document also outlines factors that the commission should consider, such as profit levels of similar forms of gaming in other states, capital costs, and financial reserves. If local voters revise gaming limits, any increase in gaming taxes requires statewide voter approval. The department is responsible for collecting the gaming tax from licensed retailers, and the collected amount is deposited in the limited gaming fund. The document also mentions that when adopting or amending rules related to the gaming tax, the commission should consider the impact on recipients of limited gaming tax proceeds. This legal document was added to the Colorado Revised Statutes in 2018. Not later than fifteen days following the end of each retail month, each licensed retailer shall make a return and remittance to the director on forms prescribed and furnished by the director. The director may grant an extension of not more than five days for filing a return and remittance; except that the director shall not grant more than two extensions during any one-year period. Unless an extension is granted, a penalty or interest under section 44-30-604 shall be paid if a return or remittance is not made on time. Source: L. 2018: Entire article added with relocations, (SB 18-034), ch. 14, p. 197, 2, effective October 1. Editor’s note: This section is similar to former 12-47.1-602 as it existed prior to 2018. This legal document pertains to the taxation provisions related to gaming and racing activities under the Colorado Limited Gaming Act. It outlines the penalties for various violations. Making false or fraudulent returns to evade taxes is a class 5 felony, punishable as provided in section 18-1.3-401. Failing to pay tax due or failing to file a required return within thirty days is a class 2 misdemeanor, punishable as provided in section 18-1.3-501. Violating subsections (1)(b) or (1)(c) two or more times in a twelve-month period is a class 5 felony. Additionally, willfully aiding or assisting in fraudulent documents is a class 5 felony. Corporate officers responsible for completing tax returns or making payments are also included in the definition of ‘person’ for the purposes of this section. This legal document pertains to the returns and reports required under the Colorado Limited Gaming Act. Any person subject to taxation under this act is required to file a return or report that includes taxable transactions by the prescribed due date. Failure to do so may result in an additional penalty equal to fifteen percent of the tax or ten dollars, whichever is greater. Additionally, if the tax is not paid within the prescribed time, an interest charge of two percent per month or portion thereof may be imposed. The penalty and interest are considered the same as a tax for collection and enforcement purposes. The executive director has the authority to reduce or eliminate the penalty for good cause shown. The document also mentions the procedures for collection of taxes and penalties, which are the same as those provided for the collection of sales taxes. The executive director may establish a maximum interest rate of twenty-four percent upon delinquent taxes if the delinquency was caused by a mistake of law and not an intent to evade the tax. Nothing in this article 30 shall impair or otherwise affect the power of the municipalities where limited gaming is authorized to impose a fee upon gaming devices used in limited gaming. Source: L. 2018: Entire article added with relocations, (SB 18-034), ch. 14, p. 199, 2, effective October 1. Editor’s note: This section is similar to former 12-47.1-605 as it existed prior to 2018.
Whom does it apply to?
Licensed retailers, commission, division, department
What does it govern?
Gaming tax on the adjusted gross proceeds of gaming allowed by the Colorado Limited Gaming Act
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Making false or fraudulent returns to evade taxes is a class 5 felony, punishable as provided in section 18-1.3-401. Failing to pay tax due or failing to file a required return within thirty days is a class 2 misdemeanor, punishable as provided in section 18-1.3-501. Violating subsections (1)(b) or (1)(c) two or more times in a twelve-month period is a class 5 felony. Additionally, willfully aiding or assisting in fraudulent documents is a class 5 felony.
Jurisdiction
Colorado