Pubdate: Mon, 12 Oct 2015
Source: Fort Collins Coloradoan (CO)
Copyright: 2015 The Fort Collins Coloradoan
Contact: http://www.coloradoan.com/customerservice/contactus.html
Website: http://www.coloradoan.com/
Details: http://www.mapinc.org/media/1580
Author: Nick Coltrain

CAN WE PLEASE KEEP CASH FROM POT TAX?

It's a question worth either $66 million or about $7, depending on 
the way you look at it: Should the state be allowed to keep marijuana taxes?

Proposition BB, the only statewide ballot initiative to be decided 
Nov. 3, asks voters to let the state keep the $66 million in 
marijuana taxes. According to the state, it would spend about $40 
million of that on school construction. Another $12 million would go 
to various social programs, including marijuana education and 
prevention, bullying and drop-out prevention programs and youth 
mentoring services.

The rest has not been earmarked as the total amount collected wasn't 
known when the Legislature passed the bill calling for the ballot initiative.

The alternative is refunds to all taxpayers in the state, as mandated 
by the Taxpayer Bill of Rights, a constitutional amendment that puts 
a cap on tax collections by the state. If the proposition fails, $25 
million would go to taxpayers, $24 million will go to retail 
marijuana cultivators and $17 million will go to retail marijuana 
users in the form of a temporary sales tax reduction.

The $25 million in tax rebates translates into about $6 for an 
individual with a gross income of less than $36,000 or $32 for a 
joint return on an income of more than $195,700.

It would also cost local governments that permit retail marijuana 
sales about $6.3 million.
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MAP posted-by: Jay Bergstrom