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Colorado Expects Tax Surplus From Legal Marijuana, Considers Refund

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(via dailyfinance.com)

Courtesy of The Joint Blog

Tens of millions of dollars could be refunded to Colorado taxpayers due to taxes made from legal cannabis sales far exceeded initial estimations.

The state’s Office of Legal Services to the Joint Budget Committee released a memo this week stating that if Colorado collects more than $67 million in revenue from pot sales, the overage is required to be refunded to taxpayers, due to the state’s Taxpayer Bill of Rights (TABOR).

The most current Department of Revenue estimate forecasts that the state will take in at least $100 million in taxes for 2014, exceeding the estimate by at least $40 million.

The state has a few options to deal with this. One option is to lower the state’s tax-rate on cannabis as to lower the amount of tax revenue brought in for the year to meet the $67 million estimate; another option is to provide a tax refund to either those who have purchased cannabis, or to everyone in the state.

A third option is to put a proposal to a vote of the people this November which asks voters if the legislature can keep the money, to spend as they so choose.

“Ultimately, one way or another, the people of this state are going to have a great say about how this extra money is spent”, says Representative Crisanta Duran, who Chairs the Joint Budget Committee.

“We have to follow TABOR and either take the decision back to the people of Colorado and ask them to keep these dollars or we have to make a refund.”

Source: TheJointBlog.Com

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5 Comments

  1. Dear Stephanas,
    I too am a constituant of missouris voting system and an avid voice for show-me cannabis, the main lobby group for the legalization of medical cannabis in the show me state. We are always looking for new supporters, and would love to have your voice added to our ranks. If you are at all interested, please respond to this post, and i will put you in contact with the organizations heads. Thank you for your support, be it voiced or silenced.
    Sincerely,
    Shane

  2. Ok, I haven’t heard a thing about this. I dutifully read the blog above. checked other links too. In Missouri, I heard it was going forward this year, at least for medical marijuana, and also legalization or legislation to decriminalize this. That doesn’t help me be a legal, responsible user for my health issues. I do not smoke now, just for the curious, because I can’t break the law and my primary doctor will not condone Marijuana…i think.. but would be nice to get off many meds which put the 90+ weight gain and my hypothyroidism, likely from a med, helped too. I had gotten down to 160 lbs thanks to moms cook from scratch portion controlled dishes and being off meds when snowed in for just about 2 months that winter together at their cabin in 2011. I believe mj should be legal without penalty. Lord knows, here in Missouri, it would save many schools.. Even boost employment here in our part of the sticks. Its just time, thats all.

  3. You hit the nail on the head! I’m 58 years old, and how I experimented with different substances and how today’s kids are experimenting has NOT CHANGED AT ALL! Keep children busy like you said, busy, busy, busy, all the time! Do your job as a parent and expose your child to SOOOO much of EVERYTHING they won’t have time to be bored! When they turn 18, you’ve done your job, and they can choose the rest for themselves.

  4. If the state of Colorado is serious about reducing drug use among young people, they should use the marijuana tax surplus to fund after-school programs, arts education and other opportunities for middle school and high school students. I think kids start raiding their parents’ medicine cabinets, drinking and smoking because they’re bored, depressed and feel useless. Let’s use legal marijuana taxes to work on the problem.

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