The Colorado Department of Revenue has released marijuana tax numbers for May 2015, and the state’s education sector is celebrating.
The excise tax on pot brought in more money for school construction in the first five months of 2015 than it did for all of last year. So far this year, the tax has raised $13.6 million, beating out last year’s total of $13.3 million.
Senator Pat Steadman (D.-Denver) called the news “very encouraging”: “Voters wanted the school capital construction program to benefit, and despite some bumps in the road at the beginning, it looks like what was intended is coming to fruition.”
The increase in revenue is due in part to a greater number of marijuana stores, as well as the benefit of a one-time tax-exempt transfer conferred on stores.
Despite the long-term increase, the data shows that monthly pot sales have plateaued since March 2015, hovering between $42.4 and $42.7 million.
In light of the good news, some, such as Steadman, are trying to project what end-of-the-year tax totals with look like. “It sounds like they’re on track for more than $30 million for this calendar year… and that’s a good thing, because I’m promoting the passage of Proposition BB this year, and voters have twice seen on the ballot the $40 million figure for school construction, and Proposition BB would help make that happen.”
Prop BB will give voters the choice to allow the state to keep marijuana tax revenues from the previous fiscal year for school construction, law enforcement, youth services, and substance abuse and prevention programs. If voters say no to the proposition, the money will be refunded to businesses and citizens.
Photo Credit: reynermedia
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