$30 Million of Pot Taxes Could Be Returned to Colorado Residents

Colorado may have to refund $30 million of the more than $50 million it collected in taxes from marijuana sales over the course of 2014. The money would go directly into the pockets of state residents in the form of tax rebates, thanks to a constitutional amendment that limits taxes collected. Taxes on marijuana currently add 30 percent or more to the price of pot, depending on the jurisdiction. Legal weed sales now face return because of a 1992 voter-approved constitutional amendment called the Taxpayers' Bill of Rights requiring all new taxes to go before voters. The amendment requires Colorado to pay back taxpayers when the state collects more than the amount permitted by a formula based on inflation and population growth. http://on.mash.to/1xmpO6B http://bit.ly/1fJ5yqZ