Suspend Limited Gaming Tax Transfers To Cash Funds
The act suspends, for 2 years, the operation of statutory provisions allocating specific amounts of revenue derived from the tax on limited gaming activity to the following cash funds:
- The Colorado travel and tourism promotion fund, administered by the board of directors of the Colorado tourism office;
- The advanced industries acceleration cash fund, administered by the Colorado office of economic development;
- The local government limited gaming impact fund, including the limited gaming impact account and the gambling addiction account, administered by the departments of local affairs and human services and local governmental entities;
- The innovative higher education research fund, administered by the higher education competitive research authority;
- The creative industries cash fund, administered by the council on creative industries; and
- The Colorado office of film, television, and media operational account cash fund, administered by the Colorado office of film, television, and media.
The act also changes allocations within the local government limited gaming impact fund by:
- Eliminating a temporary earmarking of funds in the gambling addiction account for:
- A study, by the department of local affairs, to define the documented expenses, costs, and other impacts incurred directly as a result of limited gaming; and
- The development, by the department of human services, of a statewide program to address gambling addiction; and
- Making money available from the limited gaming impact account, in addition to the gambling addiction account, to award grants for the provision of gambling addiction counseling to Colorado residents.
Finally, the act adjusts current long bill appropriations to fund the programs listed above for the 2020-21 state fiscal year.
(Note: This summary applies to this bill as enacted.)