The legalization of recreational marijuana has put millions of dollars of tax money in Colorado’s pockets — obviously.
With the state currently working on lowering the pot sales tax, from 10 percent to 8 percent, in 2017, Colorado dispensaries and their customers will enjoy a “tax holiday” as a result of a new taxpayers’ rights bill, until we reach that date in 2017 — September to be exact.
You guessed right, they won’t have to pay taxes that day. 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 amount to roughly $3.6 million in 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.
Stock up, baby. It’s go time.
