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Colo. to waive marijuana taxes for one day
DENVER Colorado’s unusual tax law is forcing the state to suspend taxes on recreational marijuana for one day.
The sales-tax break on Sept. 16 will shave $20 off the price of a mid-grade ounce of pot in the Denver area, where ounces this summer sell for about $200 before tax.
It’s unusual for a state that has many times rejected sales-tax holidays on things like school supplies, clothing or energy-efficient appliances. Officials say it could cost the state $3 million to $4 million.
“At first I was in disbelief we were doing this,” said Cheri Hackett, who owns Botanacare, a dispensary in the Denver suburb of Northglenn. “Once our lawyer said, ‘No, we really are doing this,’ we started getting ready. We’re thinking there will be huge crowds.”
Hackett is printing signs to alert customers to the holiday and is trying to boost inventory for a one-day crush of business.
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Colorado’s Marijuana Revenue Is So High, The State Has To Give Residents Money Back
Colorado has collected so much marijuana tax revenue since the plant was legalized, that now a state law may return some of the overall tax money collected directly into residents’ pockets.
The Colorado state constitution puts a limit on how much tax money they are legally allowed to collect. Colorado has brought in so much that the state actually has to give some of the revenue back.
That means that the $50 million in recreational pot revenue collected in the first year alone of legalization is going to tip the scales of legality itself, and require some of the money to be given back. This has put law-makers and politicians in a bit of an awkward situation, as neither Republicans nor Democrats want to give any of the money collected back.
“I think it’s appropriate that we keep the money for marijuana that the voters said that we should,” Republican Senate President Bill Cadman said.
“This is a little bit of a different animal. There’s a struggle on this one,” Republican Sen. and budget writer Kevin Grantham said.
“It’s just absurd,” Democratic state Sen. Pat Steadman, said.
“I have no problem paying taxes if they’re going to schools,” a Colorado marijuana consumer, Maddy Beaumier, 25, said as he shopped at a local dispensary.
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