CO residents may get a tax refund because of pot sales

Chris0nllyn

Chris0nllyn

Well-Known Member
The state constitution limits how much tax money the state can take in before it has to give some back. That means Coloradans may each get their own cut of the $50 million in recreational pot taxes collected in the first year of legal weed. It's a situation so bizarre that it's gotten Republicans and Democrats, for once, to agree on a tax issue.
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Republicans and Democrats say there's no good reason to put pot taxes back into people's pockets, and state officials are scrambling to figure out how to avoid doling out the money. It may have to be settled by asking Colorado voters, for a third time, to cast a ballot on the issue and exempt pot taxes from the refund requirement.
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After legalizing marijuana in 2012, Colorado voters returned to the polls the following year and approved a 15 percent excise tax on pot for the schools and an additional 10 percent sales tax for lawmakers to spend.

Voters were told those taxes would generate about $70 million in the first year. The state now believes it will rake in about $50 million.

But because the economy is improving and other tax collections are growing faster, Colorado is obligated to give back much of what it has collected. Final numbers aren't ready, but the governor's budget writers predict the pot refunds could amount to $30.5 million, or about $7.63 per adult in Colorado.
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Mike Elliott of the Denver-based Marijuana Industry Group said it isn't pushing for lower taxes, but that's an option lawmakers don't seem to be considering. State law doesn't bar lawmakers from cutting taxes without a vote.
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http://www.huffingtonpost.com/2015/02/04/colorado-pot-taxes-back-to-residents_n_6612292.html

Typical. Taxes are high, their own state Constitution says they can't rake in that much money and have to give it back to the people. Instead of issuing the refunds and lowering said taxes, they want to skirt around it and make marijuana exempt from the requirements.
 
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