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Colorado’s One-Day Marijuana Tax Holiday

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On September 16, 2015, Colorado will repeal all sales taxes on marijuana because of a loop hole in the Colorado’s Constitution.

In other words, the ten percent state sales tax on recreational marijuana will be waved for a one-time-only holiday. The tax holiday is expected to cost the state about $100,000 in revenue.

The Sept. 16 date was selected for the tax holiday because the end of the year fiscal report is certified the day earlier.

This overlooked provision is part of a bill that, Colorado’s governor, John Hickenlooper signed into law recently that also includes a ballot initiative as well as a permanent recreational marijuana tax cut.

This permanent sales tax break on recreational marijuana will take effect in July of 2017, bringing the rate from 10% to 8%.

“We still have a black market and we want to moderate our taxes to make sure that the risk of someone selling illegally … we want to eliminate that,” Hickenlooper said. “And one way is to make sure there is not as large a price differential.”

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