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.
CPR is now able to receive gifts of real estate to support our mission. This includes homes, warehouses, land, and shopping centers. The tax deduction is based on a current property appraisal, less any cash paid on your behalf -- such as to pay off a mortgage. Learn more.