Pot Will Get A One-Day 10 Percent Tax Break In Colorado Next Week
Hey, Coloradans! You can get discounted pot on September 16! Mark your calendars!
The way this is working out is sort of complicated: Apparently, in Colorado, if the state collects more taxes than projected, the state has to get permission from the voters to keep the extra money. Because the state collected more money than they told the voters they would in 2014, Colorado is settling the balance by giving residents a one-day tax break on September 16, the day after the previous year’s fiscal accounts are settled.
It won’t take away all taxes on recreational pot, but it will save about $20 per ounce of mid-grade marijuana, which is retailing at around $200 in Colorado right now. Ten percent ain’t bad!
The one-day break will cost the state somewhere between $3 million and $4 million – or, I guess, that’s the amount the state is settling with the taxpayers. Meanwhile, pot retailers are trying to stock up on product in preparation – but not too much, because they’ll have to waive their own 9/16 tax waiver if they stock a lot of product.
Overall, it sounds like Colorado’s tax laws are Byzantine and exhausting. But worth it for Colorado pot enthusiasts, I guess, at least for a day.