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Excess marijuana revenue will stay with the state; Colorado passes Proposition BB

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Submitted by Marijuana News on Wed, 11/04/2015 - 03:00

DENVER - Colorado voters approved Proposition BB in the Nov. 3 election, therefore deciding to let the state keep a surplus in pot tax revenue.

Proposition BB passed with 66 percent of votes in favor of it.

See election results here.

Colorado law required the vote because the revenue exceeded the initial estimate. The overall revenue was more than voters approved for a marijuana tax in 2013. TABOR requires a projection to be made in a tax’s first year.

The refund is equal to the amount of revenue collected from the voter-approved taxes on retail marijuana in the 2014-15 budget year. Proposition BB gave voters the option to allow the state to keep and spend $66 million or return it. The majority of the money, $40 million, will go to school construction. The rest is for school programs and drug education.

If voters opted to return, $25...

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The Denver Channel
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