In the first five months of 2015, the state’s pot-funded excise tax that collects money earmarked for school construction projects brought in $13.6 million, which is more than it did in all of 2014.
While the total for the year may not reach the $40 million number used to lure voters into legalizing recreational marijuana, backers say they are still optimistic.
“It sounds very encouraging,” said state Senator Pat Steadman, D-Denver. “Voters wanted the school capital construction program to benefit, and despite some bumps in the road at the beginning, it looks like what was intended is coming to fruition.”
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This year, from January to May, the excise tax earmarked for schools brought in $13.6 million; the money from the excise tax has grown to $3.5 million in May from $2.5 million in March. The tax brought in just $13.3 million in 2014. The jump is partly because there are more marijuana stores and partly because shops benefited from a one-time tax-exempt transfer.
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With the school taxes soaring — seeing increases of $400,000 to $500,000 per month for three consecutive months — many wonder where the totals will end up at the end of 2015, and if they’ll near the $40 million mark. A conservative estimate would place the school taxes in the $25 to $30 million range. But, if future months are equal to May’s record-setting figures, the tax will raise more than $38 million by the time the calendar turns to 2016.
Find a lot more detail at the original post HERE.
Tax revenue, heath benefits, new jobs in an emerging economy vs. 80 years of lies. It’s taking a while, but cannabis will win this fight.
[Image via: Google images “cannabis in Colorado”]
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