Voters Will Decide Whether State Can Keep Marijuana Revenue
Gov. John Hickenlooper signed a bill Thursday approving a ballot measure asking voters if the state can keep millions of dollars in marijuana tax revenue.
Without voter approval, the Taxpayer Bill of Rights requires that money be refunded.
Voters already gave the state permission to charge a higher sales tax on marijuana in 2013. But since the state ended up collecting more tax revenue than estimated, TABOR requires another ballot measure for the government $58 million generated through pot sales.
“The TABOR amendment is requiring voters to again say, 'Yes, we really meant it. We want marijuana taxed. We want the money to benefit schools. We want the money to be used for law enforcement,'” says Democratic Sen. Pat Steadman, who helped craft the bill.
The bill also lowers the states sales tax rate for marijuana from 10 to 8 percent in 2017.