Everyone in Colorado may get a marijuana tax refund – Colorado Springs Gazette
DENVER — Thanks to Colorado’s new marijuana tax and a quirky state law, residents may get a special one-time tax refund next year.
The total could be about $59 million, according to Fox 31. That’s how much the state expects to collect from taxes on the sale of recreational marijuana, which Colorado legalized last year. Some of that money was slated for schools, but it may go back into taxpayers’ pockets instead.
The reason for the refund: Colorado is expected to collect more in total tax revenue than it thought it would this year. That’s not permitted in a year the state rolls out a new tax, which this time was the 28% pot tax. The pot tax itself didn’t generate as much money as expected.
But the state is poised to take in $219 million more in total revenue than it thought it would during the current fiscal year, which ends June 30.
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