Oregon Expecting Far Less Marijuana Tax Revenue Than Washington or Colorado April 24, 2015 John Hollon Oregon, Policy & Legal 0 Comments The latest marijuana sales forecast is in, and one thing is apparent: Oregon's move to legalize the drug won't exactly provide a flood of tax revenue. The Oregon Liquor Control Commission, the agency that will oversee implementation of the state's… Read More→
Is Marijuana the Answer to Michigan’s State Budget Problem? April 20, 2015 John Hollon Michigan, Policy & Legal 0 Comments DETROIT — Michigan's state budget is so tight it squeaks — while roads crumble, schools drown in debt and local officials demand a return of state aid. Across the country, federal needs pile up, as well, from airport runway repairs… Read More→
Tax Day Is a Real Downer For Marijuana Business Owners April 15, 2015 John Hollon Banking, Finance & Real Estate 0 Comments WASHINGTON -- For owners of marijuana businesses, April 15 is one big downer. While most business owners rush to meet the federal tax deadline and cash in on a plethora of deductions, pot store owners and growers complain that they can’t… Read More→
Colorado Official on Marijuana Tax Shortfall: “It’s a Distraction” April 9, 2015 John Hollon News & Insights 0 Comments Colorado’s marijuana tax collections are not as high as expected. In February 2014, Gov. John Hickenlooper’s office projected Colorado would take in $118 million in taxes on recreational marijuana in its first full year after legalization. With seven months of… Read More→
In Colorado, the Rush Is On to See If Marijuana Taxes Need to Be Refunded April 2, 2015 John Hollon Colorado, Policy & Legal 0 Comments DENVER — In the State Capitol, they are calling it Refund Madness. A year after Colorado became the first state to allow recreational marijuana sales, millions of tax dollars are rolling in, dedicated to funding school construction, marijuana education campaigns… Read More→
IRS Will Refund Fines to Denver Pot Shop That Pays Taxes With Cash March 20, 2015 John Hollon Banking, Finance & Real Estate, News & Insights 0 Comments The Internal Revenue Service has backed away from a policy that penalized an unbanked marijuana business in Denver for paying taxes in cash, but the federal agency will not say if the approach applies industry-wide. In a settlement with Denver-based… Read More→
U.S. Senate Bill Could Solve Medical Marijuana’s Tax Problems March 20, 2015 John Hollon Banking, Finance & Real Estate, News & Insights, Policy & Legal 0 Comments When Bryan and Lanette Davies got an $875,000 bill from the Internal Revenue Service, they didn’t pay it. Instead, they took the IRS to court, arguing that a 1982 law meant to prevent drug traffickers from deducting business expenses should… Read More→
January’s Record Colorado Pot Month Sends $2.35 Million in Taxes to Schools March 12, 2015 John Hollon Colorado, Policy & Legal 0 Comments Colorado pot businesses sold a record amount of marijuana in January, resulting in an excise tax of nearly $2.35 million designated for public schools, state officials said Wednesday. Based on the Colorado Department of Revenue data, around $36.4 million of… Read More→
Millions in Colorado Marijuana Taxes May Need to Be Refunded February 16, 2015 AggregatedNews Colorado, Policy & Legal 0 Comments Colorado voters overwhelmingly passed heavy taxes on marijuana, and the state has collected tens of millions in the first year of legalization. But all of the taxes raised from pot have to be refunded, unless lawmakers can agree on a solution. The Taxpayer… Read More→
How the Media Helped Make Colorado’s Pot Revenues Go Up in Smoke February 13, 2015 AggregatedNews Colorado, Policy & Legal 0 Comments Colorado’s recreational marijuana program is underperforming. It’s a grim fact but an important one, somehow lost in a flurry of sensational media stories claiming the state sold so much pot it’s showering citizens in refunds. The truth is less exciting.… Read More→
The Take on Taxes: Colorado Gets $44 Million From Recreational Marijuana Last Year February 11, 2015 Rob Meagher Colorado, Policy & Legal 0 Comments DENVER — Colorado finally learned Tuesday how much tax revenue it collected from recreational marijuana in the first year of sales, and the haul was below estimates — about $44 million. The release of December sales taxes gave Colorado its… Read More→
Local Governments Are Pushing For a Larger Share of Pot Tax Revenue February 9, 2015 John Hollon Policy & Legal 0 Comments When voters in four U.S. states — Colorado, Washington, Alaska and Oregon — approved recreational marijuana sales, part of the appeal was the promise of a new revenue source to buoy cash-strapped cities and states. But tensions are growing in… Read More→
Colorado Resident’s May Be Getting a Marijuana Tax Refund February 6, 2015 John Hollon News & Insights 0 Comments Colorado may have to refund taxes paid on marijuana sales that were originally slated to help fund education. The turn of events is a result of Colorado’s infant legal-marijuana laws coming up against what is known as the Taxpayer Bill… Read More→