(1) There is hereby imposed a gaming tax on the adjusted gross proceeds of gaming allowed by this article 30. The tax is set by rule as promulgated by the commission. The commission shall not set the tax at more than forty percent of the adjusted gross proceeds. In setting the tax rate, the commission shall consider the need to provide money to the cities of Central, Black Hawk, and Cripple Creek for historic restoration and preservation; the impact on the communities and any state agency, including infrastructure, law enforcement, environment, public health and safety, education requirements, human services, and other components due to limited gaming; the impact on licensees and the profitability of their operations; the profitability of similar forms of gambling in other states; and the expenses of the commission and the division for their administration and operation. The commission shall also consider the following: (a) The amount shall never exceed the percentage provided in section 9 (5)(a) of article XVIII of the state constitution; (b) The amount shall be established in conformity with the spirit and interest of this article 30 so as to encourage business growth and investment in the gaming industry and to permit licensed operations, under normal business conditions and operation procedures, to realize a fair and just profit; (c) The amount shall take into account unreimbursed local financial burdens associated with limited gaming-related operations; (d) In setting the amount, the commission shall take into account profit levels after expenses of similar forms of gaming in other states; (e) The amount shall take into account capital costs required to comply with local, state, or federal requirements; financial reserves required by the commission for payments to winners; and investments necessitated by regulatory requirements of the commission; (f) The amount shall permit the licensed operator a reasonable profit after expenses, including: (I) Capital costs associated with the licensed premises; (II) Capital costs associated with limited gaming equipment; (III) Capital costs required to comply with local or state requirements; (IV) Extraordinary operating costs, including the provision of housing or transportation, or both, for employees; (V) Initial costs associated with commencement of limited gaming; (VI) Financial reserves required by the commission for payment to winners; (VII) Investments necessitated by regulatory requirements of the commission; and (g) If local voters in one or more cities revise any limits on gaming as provided in section 9 (7)(a) of article XVIII of the state constitution: (I) Any commission action that increases the percentage of gaming taxes from the percentages imposed as of July 1, 2008, shall be effective only if approved by voters at a statewide election held under section 20 (4)(a) of article X of the state constitution; and (II) Gaming tax revenues attributable to the locally approved revisions shall be collected and spent as a voter-approved revenue change without regard to any limitation contained in section 20 of article X of the state constitution or any other law. (2) When adopting or amending any rule affecting the applicable tax rate or any other attribute or policy relating to application of the gaming tax authorized by subsection (1) of this section, the commission shall consider the impact on recipients of limited gaming tax proceeds, including those from extended limited gaming. (3) (a) The department shall collect the amount of gaming tax on adjusted gross proceeds determined pursuant to subsection (1) of this section from the licensed retailer and shall have all of the powers, rights, and duties provided in articles 20, 21, and 26 of title 39 to carry out the collection. The commission shall authorize reimbursement to the department of the costs associated with collection of gaming tax on adjusted gross proceeds from licensed operators pursuant to subsection (1) of this section, upon documentation of the costs satisfactory to the commission. (b) All money collected pursuant to this section shall be deposited in the limited gaming fund created by section 9 (5)(a) of article XVIII of the state constitution.
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