Reallocation Of Limited Gaming Revenues

Joint Budget Committee. Section 1 of the bill creates the state historical society strategic initiatives fund, which is to be used by the state historical society for programs and activities that strengthen the state historical society's financial position and expand its impact on the people of the state. Section 2 requires the state treasurer to transfer $3 million of the state share of the limited gaming tax revenues to the state historical society strategic initiatives fund.Section 2 also resets the base portion of the state share of the limited gaming tax revenues deposited in the local government limited gaming impact fund for the fiscal year 2021-22 to clarify the amount after a 2-year hiatus of this allocation.Section 3 modifies the manner in which limited gaming tax revenues are allocated between the limited gaming fund and the extended limited gaming fund ( i.e. , the portion of limited gaming tax revenues derived from increased hours of operation, expanded wagering, and additional games of chance) in order to more equitably address recovery in the years immediately following a significant decrease in the revenue. Specifically, the bill:

• Adjusts the allocation for the state fiscal year 2021-22 to accommodate the significant unanticipated post-pandemic increase in the limited gaming tax revenues; and
• Establishes a mechanism to temporarily modify the allocation in years following a significant decrease in the limited gaming tax revenues.

Section 4 provides supplemental payments in total of $1.25 million to the local government limited gaming recipients and creates a working group to determine if there is data available to identify the extended limited gaming tax revenues and, if such data is available, to collect the data and compare it with the current allocation required by law. The working group is required to prepare a written report of its findings and submit the report to the joint budget committee no later than November 1, 2022.Section 4 5 appropriates money to the department of higher education for use by history Colorado.

(Note: Italicized words indicate new material added to the original summary; dashes through words indicate deletions from the original summary.)

(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)