![]() What do you think lies ahead for the brave new world of legal marijuana? Do you think it’s worth the tax? It could be, too, that as marijuana becomes destigmatized and available everywhere, the whole “gold rush” feeling of the industry will die down and it will just become another boring crop. Regardless, the whole situation in Colorado is interesting – because as more states eventually legalize and regulate cannabis (and they will), it will be up to us to figure out what taxing pot looks like. It has to be asked: If marijuana pays for school, can it truly be said that pot makes you dumb? That’s up from last year, where $13.3 million total of marijuana funds went to public education. So far, the state has collected $73.5 million, with $19.6 million going towards public school funding. At this point, projected marijuana tax revenues for 2015 are $125 million. Let it be emphasized that either way, the government is making a killing off the new pot industry. ![]() In November, voters will decide whether or not the state has permission to keep that extra money. The big question: How to handle revenues from marijuana sales? In Colorado, the Taxpayer’s Bill of Rights requires the state to give back money from new taxes when revenues are higher than expected – and that means $66 million in marijuana taxes could potentially go back to the public instead of to schools or government projects. Of course, with regulation comes taxation. The state is actually raising more money from pot than from alcohol. Colorado’s marijuana industry is booming, bringing in about $96 million in revenues in July alone. The state lost out on about $3.7 million just because of this one-day break.īut they’re not hurting too badly, really. Thanks to a one-time glitch in the state constitution, the usual 10 percent state cannabis tax was revoked for 24 hours. On September 16th, marijuana sellers and buyers in Colorado had a really great day. It’s about as close as this firm gets to partying. Enjoy this glimpse into a very unusual section of tax law. ![]()
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