Colorado Community Colleges Get $6 Million From Gambling
Amendment 50 Gives Increased Revenue To Colleges
3:47 AM, Aug 26, 2010
Colorado's gaming tax revenue went up 13 percent in the last fiscal year, a portion of which will go to Colorado's Community College system.For fiscal year 2010, Colorado casinos will distribute $96,742,402 in tax revenues, along with license and application fees.The Department of Revenue said gaming taxes were up 13.4 percent from fiscal year 2009.Officials said the increase is because of the Amendment 50. Amendment 50 changed gaming laws to allow 24-hour playing, it increased betting limits and allowed casinos to add roulette and craps in July 2009.Amendment 50 requires 78 percent of tax revenues attributable to Amendment 50 go to Colorado's Community College system. For fiscal year 2010, the Colorado Limited Gaming Control Commission ruled $7,930,401 attributable to Amendment 50. Of that total, $6.1 million, or 78 percent, went to the Community College system. The remainder went to the cities of Black Hawk, Central and Cripple Creek and the counties of Gilpin and Teller.