An accounting error in Colorado is paying off for marijuana consumers Wednesday, when a quirk in a state tax law prompts the state to suspend most taxes on recreational pot.
Colorado is waiving some taxes on recreational marijuana on Sept. 16. A quirk in state law is forcing the one-day tax holiday. Here are some things to know about why Colorado is tapping the brakes on recreational pot taxes:
Colorado's unusual tax law is forcing the state to suspend taxes on recreational marijuana for one day. The sales-tax break on Sept. 16 will shave $20 off the price of a mid-grade ounce of pot in the Denver area, where ounces this summer sell for about $200 before tax...
New data indicates that tax revenue from marijuana in Colorado has nearly doubled in the last year, increasing from $4.9 million by June last year to $9.7 million by June of this year, according to a recent report from the Colorado Department of Taxation.