Colorado: Cannabis to be Sold Tax Free Tomorrow, September 16th
The tax holiday – which is due to the state’s Taxpayer’s Bill of Rights (TBoR) – was signed into law in June by Governor John Hickenlooper.
Under TBoR, voter approval is required for all new taxes, and there’s a mandate that any new taxes be waived and refunded if overall state collections exceed projections given to voters when they approve a new tax, as it did this year.
As part of the tax-break, ounces of cannabis are expected to run $20-$50 cheaper than normal.
According to Colorado’s Department of Revenue, over $500 million in legal cannabis has been sold so far in 2015.