Colorado to Offer One-Day Tax Holiday for Marijuana

According to an article published in the Denver Post, Colorado will be offering a one-day tax holiday for marijuana sales on September 16th, 2015. Thanks to a mix of a quirk in the state’s constitution, and an excess of tax funds as outlined by TABOR (tax payors bill of rights), the state expects to give a one-day tax reduction of close to $3.6 million. Colorado Governor John Hickenlooper commented that the goal behind legalization/decriminalization is to drastically reduce the black market and admits having competitive pricing is core to that issue. Mark your calendar!

In efforts to prevent future “tax free day” marijuana, state officials have already set a date of June 2017 to permanently reduce marijuana tax in the form of a ballot issue that will require voters to decide where to put the tax funds. If they agree to let the state spend it, the first $40 million will go toward school construction. The remainder is apportioned to a variety of marijuana programs for youth mentoring, agriculture, drug treatment and enforcement.

If voters reject the measure, the state will refund the bulk of the money — $33 million — to marijuana growers and users through tax breaks on production and sales. The remaining $25 million will go to all Colorado taxpayers through a sales tax refund.

 

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