The legalization of recreational marijuana has put millions of dollars of tax money in Colorado’s coffers.
The state is working on lowering the pot sales tax, from 10 percent to 8 percent, in 2017. Until then, on Sept. 16, Colorado dispensaries and their customers will enjoy a tax holiday as a result of a new taxpayers’ rights bill.
That’s right. They won’t have to pay taxes that day.
That’s because the state’s Taxpayer’s Bill of Rights says that tax above what was approved by voters must be refunded. The tax holiday will allow the state to ensure that it doesn’t overtax dispensaries for the fiscal year.
The day’s losses for Colorado include $3.6 million in excise taxes on wholesale cannabis sales and $100,000 in sales tax losses at the retail level, according to the Denver Post.
Said Gov. John Hickenlooper:
This fiscal glitch that we have with the constitution … that’s part of the magic of living in Colorado.
Prepare to stock up.