Here’s a problem that more states might appreciate having — extra money. Colorado has collected more cannabis tax revenue than it originally anticipated. State law requires…
When [Colorado] voters passed Proposition AA in 2013, the measure included a marijuana tax. The Colorado Taxpayer Bill of Rights (TABOR) required the state to estimate how much revenue it would collect from the marijuana tax and the total revenue.
The total revenue of $12.35 billion exceeded the state’s estimate — $12.08 billion — and TABOR requires the marijuana tax revenue be refunded. Proposition BB asks voters whether the state can keep that revenue ($66 million) or whether the state has to refund it.
[The state wants to use the money, not give it back.]
If state keeps the money, it would be spent in two areas:
- $40 million on school construction
- $12 million on youth programs, marijuana education and prevention programs, law enforcement services, substance abuse programs, poison control services, and the local government retail marijuana impact grant program
How the remaining funds would be used was not specified.
If voters choose to have the money refunded, it would be returned in three ways:
- $25 million to Colorado residents who file a 2015 state income tax return, which averages about $8 per taxpayer
- $24 million to marijuana cultivators
- $17 million through a temporary marijuana sales tax reduction from 10% to 0.1%, effective January 1, 2016
More detail, including the text of Proposition BB, can be found HERE.
[Images via www.marijuanapackaging.com and www.inquisitr.com]
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