Colorado lawmakers OK $67M for water programs, cut tax break for free sports bets

Colorado lawmakers approved $67 million for water programs. A sports betting tax break was eliminated to generate more cash for those same programs. Senate Bill 40 created a 10-member task force to study the future of severance taxes in funding water projects. A final report with recommendations to the task force is no later than Jan. 15, with a final report due later than Feb. 15. The bill has “zero impact on the general fund,” says Sen. Cleave Simpson, a Republican from Alamosa. It’s projected to raise an additional $3.2 million in revenue for the Water Plan Implementation Cash Fund in fiscal year 2026, $12.9 million after elimination in 2027, and $11.5 million in 2028. The largest allocation this year saw a 25% percent increase in sports betting revenue from $23 million to $29 million for grants to help implement the state water plan. It also provides $6 million to help retire irrigated acreage in the Republican River Basin.

Source: Coloradosun.com  |  Read full article