Marijuana tax question on November ballot
Published on 10/4/15
Due to a provision in the states constitution, Colorado may have to return a whopping sum of $66.1 million back to taxpayers. State legislators are hoping voters will favor an upcoming proposition that would allow the state to keep the excess taxes instead. The current provision would return about $8 to each taxpayer, but if this new bill is passed it would allow $40 million to go towards school construction, $12 million to be spent on youth programs and marijuana education, and the rest would be decided through the legislature.
"state revenue ended up higher than estimated in the voter guide. Because actual revenue exceeded the estimate, the state owes taxpayers a refund. The only way around it is if voters allow the state to retain the money, which is what led the Legislature to refer Proposition BB to voters."