Colorado Voters Approve 25 Percent Taxes on Recreational MarijuanaSubmitted by emalvini on Wed, 11/06/2013 - 10:54
Colorado Voters Approve 25 Percent Taxes on Recreational Marijuana
By Keith Coffman | Reuters – 8 hours ago..
By Keith Coffman
DENVER (Reuters) - A Colorado measure to impose sales and excise taxes of 25 percent on newly legalized recreational marijuana and earmark the first $40 million in revenue for public schools was approved by voters on Tuesday, Governor John Hickenlooper said.
The move showed a willingness on the part of Colorado voters to tax marijuana for the public benefit even as they roundly defeated a broader tax measure that would have increased state income taxes to raise $1 billion for schools.
Colorado and Washington last year became the first U.S. states to legalize marijuana for recreational purposes. But Colorado, whose constitution requires a statewide vote to approve tax increases, left it to voters to decide how to tax the newly legal drug.