Colorado Pot Taxes Will Be Waived 2nd Week Of September

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In 2013, a year after legalizing recreational pot, voters approved the 25 percent taxes. But the law requires that any new taxes be waived and refunded if overall state collections exceed projections given to voters when they approved the new taxes. In this case, the pot taxes were projected to raise $70 million in 2014.

They actually raised $58 million, but because overall tax collections that year exceeded projections, Colorado must ask voters for permission to keep the money. And to comply with the requirement that the taxes revert to zero, lawmakers settled on a short one-day tax waiver. That day is Sept. 16, one day after the state’s books for the previous fiscal year are made final. Marijuana won’t be completely tax-free that day. A regular 2.9 percent sales tax still applies, as do medical marijuana taxes and local pot taxes. For pot retailers, the holiday poses a bizarre supply dilemma.

To read more, visit http://feeds.nbcnews.com/c/35002/f/663286/s/49b1b0b2/sc/24/l/0L0Snbcnews0N0Cstoryline0Clegal0Epot0Ccolorado0Epot0Etaxes0Ewill0Ebe0Ewaived0Eseptember0E160En423966/story01.htm

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