Marijuana Taxes Go Up In Smoke for One Day In Colorado
Published on Sep 11, 2015
Move over 4/20, Colorado just got a new holiday: 9/16. Due to a glitch in the Colorado constitution, on September 16, 2015, taxes on all marijuana purchases will be suspended for the entire day. Apparently this strange little gift occurs on September 16, 2015 because the end-of-year fiscal report is due on the 15th.
“According to state figures, $700 million worth of legal cannabis was sold in Colorado in 2014. The tax tally was $76 million. Pot taxes were projected to raise $70 million in 2014. They actually raised $58 million, but because overall tax collections exceeded projections, Colorado must ask voters for permission to keep the money. To comply with the requirement that the taxes revert to zero, lawmakers settled on a short one-day tax waiver.”