Colorado May Have To Refund As Much As $30 Million In Pot Taxes

Colorado May Have To Refund As Much As $30 Million In Pot Taxes

DENVER (AP) — Colorado’s marijuana experiment was designed to raise revenue for the state and its schools, but a state law may put some of the tax money directly into residents’ pockets, causing quite a headache for lawmakers.

The state constitution limits how much tax money the state can take in before it has to give some back. That means Coloradans may each get their own cut of the $50 million in recreational pot taxes collected in the first year of legal weed. It’s a situation so bizarre that it’s gotten Republicans and Democrats, for once, to agree on a tax issue.

Even some pot shoppers are surprised Colorado may not keep the taxes that were promised to go toward school construction when voters legalized marijuana in 2012. Read More…