Doc Talk

Sep15

September 16th – No CO State Recreational Marijuana Taxes

Yes, you heard correctly.Tax Free Marijuana Day

Because of an unusual Colorado sales tax law, all recreational marijuana taxes will be waived on September 16th, 2015.

In 2013, Colorado voters approved a 25% tax on recreational marijuana sales. Over the first few months of legalization in 2014, Colorado collected $25 million in marijuana tax revenues – that number increased to $44 million over the same period in 2015.

Colorado law says that if its overall state tax collections exceed projections, the new tax will be waived and refunded. Colorado estimated $70 million in recreational marijuana taxes, and collected only $58 million. Because the overall tax collections surpassed projections, the law still applies. The waiver will allow taxes to revert to zero for a day.

Although a whopping 25% will be saved by recreational customers, Mary Jane won’t be completely tax-free. A 2.9% sales tax, medical marijuana taxes and local taxes still apply.

More good news?

Colorado  plans to reduce marijuana taxes down to 8% by 2017.

Until that glorious day, Colorado pot enthusiasts can feel good about the fact that they’re helping contribute to a more beautiful state… and maybe even paving the way to cannabis freedom for for the rest of these United States.

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