State to Ask Voters for Exemption in TABOR Laws for Pot Tax Excess

MARIJUANA-300The state plans to ask voters this fall, whether the state should continue to use marijuana tax profits for school construction and other programs. Governor John Hickenlooper signed legislation Thursday that would put the de-brucing question on the November ballot. TABOR laws in Colorado say that all revenue from new taxes must be returned if state funds exceed projections. Recreational marijuana tax dollars fall into that category this year, and because the state’s budget grew faster than projected, about $58 million in pot taxes must be refunded, meaning most Colorado taxpayers could expect a tax credit of a few dollars, regardless of whether they’ve ever purchased pot. The ballot question would ask voters to exempt pot taxes from the law, so that the state can do more with the left over money.

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