Pot Gets Colorado Tax Holiday

Colorado pot is tax-free for a day, thanks to complicated tax maneuvering surrounding the state’s new marijuana laws. The state’s Taxpayer’s Bill of Rights requires voters to approve new taxes, which they did—but the law also requires the state to refund new taxes if overall tax collections exceed what was previously projected. Voters will decide whether to keep the excess revenue in November. Meanwhile, the state is waiving the 10 percent state tax and 15 percent excise tax on pot for one day because of a statute that says taxes must revert to zero.