Colo. Agency Moves To Require Monthly Betting Tax Payments

Law360 (January 27, 2020, 7:14 PM EST) -- The Colorado Department of Revenue would require monthly remittances of the state’s 10% tax on net sports betting proceeds but allow a day's net negative proceeds to be deducted from other days under recently proposed rules.

The Colorado Division of Gaming has said that if a licensee's net proceeds are negative at the end of the month, the department would probably allow the balance to be deducted from the following month. The state Capitol sits in downtown Denver. (AP) The department would require that cash-basis accounting be used to generate reports on a sports betting licensee’s gross receipts, wagering liability, ticket...

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