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Colorado Casinos Tax Break Eyed

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(credit: CBS)

(credit: CBS)

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.)

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