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Colorado Will Ask Voters to Let State Keep Marijuana Tax Money

DENVER – Colorado voters will be asked in November whether the state can retain an estimated $58 million in recreational marijuana taxes that have been collected this fiscal year.

Gov. John Hickenlooper signed a bill Thursday morning that puts the question on the ballot.

Voters authorized a 10 percent sales tax and 15 percent excise tax on recreational marijuana in 2013.

But a never-before-triggered rule under the Taxpayer’s Bill of Rights means the state will have to refund all of the money generated by those taxes in the 2014-15 fiscal year that ends June 30.

“There was a glitch,” Hickenlooper said. “We have to go back to the voters and ask them if we can keep the money that they already asked us to collect.” [Read more at the Colorado Springs Gazette]

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