Colorado Casinos Tax Break Eyed
DENVER (AP) – The Colorado limited gaming control commission is reviewing a loophole that allowed Colorado casinos to avoid nearly $5 million in taxes last year.
Under Colorado law, casino operators can get up to three retailer licenses even if the casinos are housed at one location.
Holding multiple licenses reduces a company’s tax burden because of the state’s graduated tax structure, which charges casinos with smaller revenues at a significantly lower rate than bigger operations.
According to the Denver Post, Cripple Creek, Teller County and industry officials told commissioners that a change to casino licensing would be unfair to existing operators.
(Copyright 2011 by The Associated Press. All Rights Reserved.)