Colorado Marijuana Taxes Produce Windfall
Colorado Governor John Hickenlooper released a proposal this week on how he intends to spend the taxes collected from marijuana sales.
Marijuana sales have greatly exceeded expectations. For the fiscal year beginning in July, marijuana sales are expected to reach $1 billion, with $600,000 coming from the sale of recreational pot.
In the proposal, Hickenlooper's budget office says it expects the recreational and medical marijuana industries will pump nearly $134 million in tax and fee revenue into state coffers in the fiscal year beginning in July. Extrapolating from those figures, the proposal estimates sales in all marijuana stores to approach $1 billion for that fiscal year. Recreational pot shop sales are estimated to account for more than $600 million of that — a more than 50 percent increase over a previous projection.
The first $40 million go to school construction, as required by law. Above that, But Hickenlooper's office expects to have "$28 million this fiscal year and $101 million next fiscal year left over to spend on other things."[More...]
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