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Colorado Marijuana Legalization Would Add $60 Million A Year

Posted on  August 17, 2012 by  News Admin

  New Report Documents Fiscal Impact of Amendment 64, the Initiative to Regulate Marijuana Like Alcohol Nearly $60 Million Saved and Generated for Colorado in First Year; Up to $120 Million in New Revenue and Savings Projected after 2017  A new report released Thursday by the Colorado Center on Law and Policy (CCLP) documents that Amendment 64, the Initiative to Regulate Marijuana Like Alcohol, would provide the state savings and tax revenue of nearly $60 million in its first year. According to the report, the state is conservatively projected to save and earn up to $120 million annually after 2017.  Amendment 64 proposes a system to regulate and tax marijuana in Colorado similarly to alcohol. In addition to state and local sales taxes, the initiative directs the General Assembly to enact an excise tax of up to 15 percent on wholesale sales of non-medical marijuana. This limit can be increased after 2017. The general state and local coffers will receive all but $80 million of that revenue. The other $40 million is earmarked to a Capital School Construction Fund. "Amendment 64, based on these estimates, would generate $24 million in state revenue for the Building Excellent Schools Today (BEST) program," said economist Christopher Stiffler of the Colorado Center on Law and Policy. "Leveraged with local dollars, that investment could mean over 350 new jobs, the majority of which will be in the construction industry." "This significant report highlights the burdensome cost of maintaining marijuana prohibition in Colorado and the new...