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Colorado Cuts Marijuana Tax, Targets Black Market, While Oregon Eyes 20% Tax

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Submitted by Marijuana News on Wed, 06/10/2015 - 08:33

Colorado is leading again, this time with a permanent tax break on recreational marijuana. The state is lowering the tax from 10% to 8% effective in July 2017, a move that could cut into Colorado’s black market. Colorado was the first state to legalize marijuana for recreational use, and now it’s passed a marijuana tax relief. There is even a one-time tax holiday on September 16, 2015, from the 10% state sales tax.

Gov. John Hickenlooper signed the provisions into law, noting that this should lower the price of legal cannabis. A voter initiative is set too. The question for voters is whether Colorado can keep the estimated $58 million in pot taxes collected this fiscal year. Colorado’s Taxpayer’s Bill of Rights—TABOR—requires the state to issue refunds to taxpayers if the state’s spending or revenue collections exceed the previous projections. To try to avoid the refund requirement, legislators introduced HB ...

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Colorado
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URL: 
http://www.forbes.com/sites/robertwood/2015/06/10/colorado-cuts-marijuana-tax-targets-black-market-while-oregon-eyes-20-tax/

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