September 16, 2015 will mark an unprecedented day in Colorado tax history.
On that day, all sales of recreational marijuana will be free of excise
and sale taxes.
The one-day tax break is similar to other "tax holidays" other
states schedule, but in Colorado, the holiday is a result of specific
state tax laws. In 2014, Colorado collected $58 million in marijuana taxes.
That fell short of the projected $70 million, but because overall state
taxes exceeded official projections, the state is required to ask voters
for permission to keep the money. Because lawmakers must also start the
fiscal year with taxes reverted to zero, state officials agreed on a tax
free day for all recreational marijuana purchases.
In 2013, voters passed a 25% tax on marijuana sales: 10% sales tax and
a 15% excise tax. Neither of these taxes will be applied to purchases
on September 16.
According to ABC, this break can result in an approximate $20 decrease in one ounce of
mid-grade marijuana. Many dispensaries are already expecting a spike in
sales. "Once our lawyer said, no, we really are doing this, we started
getting ready. We're thinking there will be huge crowds," said
Cheri Hacket, owner of Botanacare in Northglenn.
The 2015 Boom in Marijuana Tax Revenue
When Colorado marijuana tax revenue fell short of projections in 2014,
many were quick to point out that the tax boon that was promised with
legalization was a bust. Those critics, however, have already been proven
wrong in 2015, when marijuana tax revenue is booming.
In the first four months of this year, there was $44 million of marijuana
tax proceeds. That is a dramatic increase from 2014's $25 million
recorded over the same period of time. If the trend holds steady, Colorado
will finally capitalize on the spike in tax revenue voters counted on
back in 2013.
Are you facing a marijuana-related criminal charge? If so, it is important
to select counsel that is well-versed in Colorado's fledgling cannabis
laws and passionate about protecting the rights of their clients. At
The Samuelson Law Firm, that's exactly the kind of dynamic and reliable legal representation
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and I can ensure that the best possible outcome to your case is placed
Face your criminal charge with a proven Colorado Springs cannabis attorney
by your side. Contact my firm today to
schedule a free case evaluation.