Pot cultivators and retailers are also exempt from the state’s 15-percent excise tax during the short recess, a financial quirk that officials have anticipated many stores will take advantage of. The holiday will save customers and industry about $4 million today.
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STONERS, fans of the Grateful Dead and other assorted devotees of the Chronic were delighted for the recreational marijuana retailers of Colorado this week as they geared up for a one-day moratorium on a 25% tax on pot. “Over the other 364 days, it will bring in tens of millions of dollars that will be reinvested in our state”. Voters were given an estimate for overall state tax collections that proved short, triggering a mandatory reset of the new tax. September 16th is the day when the state of Colorado is on marijuana tax vacation.
In this case, the pot taxes were projected to raise $70 million in 2014.
But the state follows a July-to-June fiscal year, meaning the state just now has a final tax tally for an entire fiscal year in which adults over 21 could legally choose beer or weed.
The odd tax waiver was triggered nearly two years ago, when Colorado voters approved two taxes on recreational marijuana – a 10 percent sales tax for shoppers and a 15 percent excise tax for wholesale growers. According to ABC News, an accounting error prompted the suspension of most taxes on recreational pot.
In Colorado, driving under the influence of marijuana is the same crime as driving drunk, and a driver whose blood contains 5 nanograms of the psychoactive drug THC is considered impaired.
She said she expects a slight spike in sales as a result of promotions and heavy media attention regarding the savings.
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The common sense enthusiasts responsible for forever altering how America views marijuana legalization notes the obvious – the most recent numbers demonstrate that responsible marijuana consumers are generating some much needed cold hard cash in the Centennial State, and deserve a one-day reprieve. Pot users spend much more on the drug rather than on alcohol or tobacco.
