Legislature Approves Pot and Tax Relief Bills Before Ending Session

MARIJUANA-300Banking for marijuana businesses in Colorado passed during the last day of legislative session, and lawmakers also approved property tax forgiveness for disaster victims.  The banking plan would create the world’s first financial system for the pot industry.  It will have co-ops acting as uninsured credit unions if the Federal Reserve Bank agrees to allow the businesses access merchant payment systems. The governor still has to sign the bill.  Before finishing the 120-legislative session Wednesday, lawmakers also passed a bill to forgive property taxes for people who lost their homes during floods and wildfires last year.  Last month, lawmakers approved a $23 billion state spending plan that budgets more money for public schools and colleges.

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