Colorado to Give Residents a Tax Rebate With Marijuana Revenues

[eridani]

In memoriam: Rain Dog would ahve loved to see this.

http://readersupportednews.org/news-section2/318-66/26818-colorado-to-give-residents-a-tax-rebate-with-marijuana-revenues

Gov. John Hickenlooper's proposed $26.8 billion Colorado budget, unveiled Monday afternoon, includes two rebates for taxpayers.

There is some good news for taxpayers.

Taxpayer rebates totaling $167.2 million are mandated by Colorado Taxpayer's Bill of Rights, assuming current law and the September forecast by the Office of State Planning and Budget.

A $30.5 million rebate for new marijuana taxes is coming. Total state marijuana revenue was different than what was projected in the election blue book for 2013's Proposition AA. Because the estimate was off, under TABOR, the state must refund the money being collected or ask voters again to keep it.

Hickenlooper said he'll let the legislature decide the nuts and bolts of the rebate.

"It will be important to engage the legislature when the session begins on the issue of marijuana rebates, and at this time, it would be unwise for the state to plan to spend any of those funds in advance of that discussion."

Meanwhile, current revenue projections indicate a $136.6 million refund for revenue above the Referendum C cap in FY 2015-16. If they materialize, the rebates would go out under existing formulas via tax credits or sales tax refunds when people file their 2016 taxes.

The budget allocates substantially increased funding for K-12 education -- some on a one-time basis -- continues strong support for higher education, and secures funding to complete construction projects already underway.

[NaturalHigh]

1. Cool. Can we get the feds to give this a try?

[Politicalboi]

2. Why not just give them free college

And that alone will raise the sales of Marijuana next year. Within a few years, they'll have even more money.

[cojoel]

4. They didn't "de-Bruce" the amendment that legalized it and authorized the tax

As such, any excess revenues must be returned as required the Taxpayer Bill of Rights amendment.

[logosoco]

3. How 'bout that! Other states, take note!!!!nt

[loyalsister]

5. zero sum

Red state will now approve it just to give tax break and give it to billionaires.

[Jesus Malverde]

6. Bumpin for RD..nt

[SomethingFishy]

7. Did Rain Dog pass away?

He and I used to chat when we legalized in Co...

[eridani]

9. Yes, sadly n/t

[kelliekat44]

8. Cool, can we reduce the Federal subsidies to CO and pump into creating more jobs? nt