Tokers can thank quirky state tax law for their good fortune
By Newser Editors,
Newser Staff
Posted Sep 16, 2015 11:39 AM CDT
(Newser)
–
They knew this day was coming,
and now it's here. It's tax-free cannabis day in Colorado, where due to
a quirk in the state's tax law, buyers of recreational marijuana will
be relieved of most taxes on their purchase, the AP
reports. The one-day "holiday" means Colorado won't collect 10% sales
tax on pot, and it will also suspend a 15% excise tax on marijuana
growers. The tax break is happening because Colorado underestimated
overall state tax collections last year, which means automatic
suspension of any new taxes—in this case, the recreational marijuana
taxes voters approved in 2013.
Retailers are hoping for big crowds today, though the state had no
estimate on how many shoppers might turn out. "Our hopes are high, and
we're going to push as hard as we can to see as many customers as we
can," the owner of two Denver dispensaries tells 7News Denver. The taxes revert to 25% tomorrow, the AP notes. (Don't go too crazy, weed fans: Smoking too much may be linked to prediabetes.)
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