Colo. Approves Pot Tax That Could Net $70M In First Year

Law360, New York (November 5, 2013, 10:57 PM EST) -- Colorado voters on Tuesday resoundingly passed Proposition AA, a law that allows the state to tax the sale of recreational marijuana with a 15 percent excise tax and a 10 percent sales tax, resulting in expected tax revenues of $70 million within the first year.

Revenues from the excise tax will be used to fund the construction of Colorado schools, while sales tax revenues will be used to establish a regulatory framework to monitor retail marijuana businesses. The new taxes apply only to the sale of...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.