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Things To Know about why Colorado is suspending pot taxes

Submitted by Marijuana News on Thu, 09/10/2015 - 08:45

DENVER (AP) — Colorado is waiving some taxes on recreational marijuana on Sept. 16. A quirk in state law is forcing the one-day tax holiday. Here are some things to know about why Colorado is tapping the brakes on recreational pot taxes:

 

BLAME (OR THANK) THE CONSTITUTION

Colorado has complicated tax-and-spending restrictions in its state constitution. The restrictions require new taxes to win voter approval and those new taxes to be waived and refunded to voters if overall tax collections exceed state projections.

WHY SEPT. 16

Colorado's fiscal year ends June 30, and certification of its previous year's tax collection is final on Sept. 15. So that's when the tax-waiver requirement takes effect. Taxes reset to normal on Sept. 17.

POT WON'T BE COMPLETELY UNTAXED

The waiver applies to recreational pot taxes approved by voters in 2013 — a 10 percent sales...

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Things To Know about why Colorado is suspending pot taxes
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United States

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