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Colorado's marijuana money problem will be difficult to solve

Submitted by Marijuana News on Mon, 03/16/2015 - 09:34

Colorado has a serious pot money problem.

And it's not that it's being laundered.

The state is on track to have to refund the revenue it generates this fiscal year from two voter-approved retail marijuana taxes: the 10 percent sales tax and 15 percent excise tax were intended to pay for school building construction and the enforcement and regulation of the drug's new market.

COLORADO MARIJUANA TAXES

Ballot projections; FY2014-15 to January

15 percent excise tax: $27.5 million; $12.7 million

10 percent sales tax: $39.5 million; $24.9 million

State spending without new taxes: $12.08 billion

State revenue from the new excise and sales tax: $67 million; $37.6 million

State spending plus the new taxes: $12.15 billion; $12.52 billion (full fiscal year projection in the 2014 December forecast by the Office of State Planning and Budgeting)

"The real problem is the economy was growing while we had the gall to ask...

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URL: 
http://gazette.com/colorados-marijuana-money-problem-will-be-difficult-to-solve/article/1547932#CSEXwABXVvrifuGk.01

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