Colorado May Have To Refund $60 Million In Marijuana Taxes
Colorado lawmakers are under the gun to figure out how to avoid refunding some $60 million in Marijuana taxes to the public. The 1992 Taxpayer's Bill of Rights may force the state to do something they really don't want to do, refund the money.
Lawmakers are working on a bill that would ask taxpayer's to let them keep the money, even though, the state constitution says they must give it back.
The problem is the strict anti-spending provision in the Taxpayer's Bill of Rights and there isn't any loophole.
It isn't that Marijuana made more tax dollars than expected as much as Colorado's economy did better last year than expected. That means there is a tax surplus and according to the law they must refund that back to the taxpayer's.
Now let's not fool ourselves lawmakers don't want to refund a dime but like I said there isn't any loophole and that isn't the only problem.
Colorado like any other state has its watch-dog groups when it comes to spending and they will not just sit by on this one. You can bet your bottom tax-dollar they will put up a fight for the refund.
The good news is that the people will get to vote on what happens with this money. There will not be any back room deal were lawmakers get a raise and we get the shaft.
Personally I don't have a problem with the state keeping that money if they do the right thing with it. Like, put it to work on the state's infrastructure. Colorado has roads, bridges and other systems that need real work and $60 million could do a lot.