Marijuana Tax Breaks Aim To Curb Black Market, Competitors
Colorado will reduce its state marijuana sales tax to 8 percent by 2017 as Oregon considers a tax that might better compete with neighboring states.By Matt Moreno | June 10, 2015
As if marijuana wasn't legal enough in Colorado, consumers are now getting a bit of a tax break. Starting July 2017, medical marijuana sales will be subject to an 8 percent sales tax, replacing the current 10 percent tax.
At the current rate in Denver, Tax Foundation estimates a $30 one-eighth ounce of marijuana also has about $8.59 in taxes added after excise, local and state taxes are all factored in — about a 29 percent overall tax. (Video via WCPO)
Colorado Gov. John Hickenlooper signed the provisions into law. Even though he's been critical of legalization since it passed by a 55 percent majority vote in 2012, Hickenlooper's long said he's wanted to change how the drug is sold. (Video via KMGH)