If you are late to the party, Colorado has fully legalized marijuana and in the first five months of legal retail sales, Colorado has sold a staggering $90 million worth of marijuana. We thought you may find it interesting to discover there are plenty of taxes attached to these sales. We recently received this receipt to our offices outlining all the taxes on the purchase of marijuana in Colorado. The Colorado Department of Revenue announced that the state earned $35 million in taxes, licensing and other fees from July 1, 2013 to June 30, 2014. The state collected nearly $5 million in taxes this June, an increase from the previous month. Governor John Hickenlooper expects sales to reach $1 Billion in the first fiscal year of legal marijuana. He also expects around $114 Million in taxes during this year. Colorado is proof that marijuana sales can benefit the state and generate revenue. We would greatly appreciate your comments regarding the taxes associated with this purchase.
Tag Archive for Marijuana Taxes
22 Jul 2014
One comment | Tags: ask tax questions, Colorado Marijuana Tax Law, Find A Tax Advisor, find a tax professional, Find Chartered Tax Accountant, Find Tax Advisor, Find Tax CPA, Find Tax Lawyer, Find Tax Preparer, Find Tax Pro, find tax professional, Marijuana Taxes, Tax Blog, TaxConnections, TaxConnections Blog
%d bloggers like this: