Marijuana Taxes for Colorado Schools Set Record
A portion of the taxes collected from adult retail marijuana sales in Colorado is earmarked for schools under the law, and the amount collected so far this year is already more than was collected in all of 2014.
The Denver Post reports:
In the first five months of 2015, the state’s pot-funded excise tax that collects money earmarked for school construction capital brought in more money than it did in all of 2014. While that specific school tax’s 2015 take may not reach the $40 million number used to lure voters toward the state’s pot-legalizing Amendment 64 in 2012, its recent growth is exciting to lawmakers and industry alike.
“It sounds very encouraging,” said state senator Pat Steadman, D-Denver. “Voters wanted the school capital construction program to benefit, and despite some bumps in the road at the beginning, it looks like what was intended is coming to fruition.”
The money from the excise tax has grown to $3.5 million in May from $2.5 million in March. This year, the excise tax has brought in $13.6 million through May; the same tax drew in just $13.3 million in all of 2014. The jump is partly because there are more marijuana stores and partly because shops benefitted from a one-time tax-exempt transfer.
Hopefully, other states with cash-strapped education systems are taking notice.