It’s unlikely anyone missed the news stories about marijuana sales becoming legal on January 1, 2014 in Colorado. The Huffington Post reported on January 8, 2014 that sales in the first week were about $5 million. That also generated a lot of tax revenue for the state because Proposition AA* that Colorado voters passed in November 2013 allows for a 15% excise tax when unprocessed retail marijuana is sold by a cultivation facility to a retailer AND a 10% sales tax (on top of the normal Colorado sales tax of 2.9%) when the retailer sells the marijuana. That proposition suggested that $70 million would be generated annually with the first $40 million to be used for public school capital construction. Additional revenues would be used to enforce regulations on the retail marijuana industry and the balance for other needs (apparently at the discretion of the Read more
Tag Archive for Proposition AA
17 Jan 2014
Written by Annette Nellen | Posted in Individual • IRS • Marijuana Taxes • Sales/Use Tax • Tax Policy
Want Us To Gift You
A Virtual Office?
Private And Confidential
Executive Search Services
- Did Mr. FBAR Pay A Surprise Visit To Canada?By John RichardsonThis is one more of my posts about Mr. FBAR. Mr. FBAR is a mean, nasty vicious thug who has no place in any civilized society. Thomas Jefferson once said: Were it left to me to decide whether we […]
- New FATCA Agreements Released, 2014 Agreements ExpireBy William ByrnesThe IRS released Revenue Procedure 2017-21, which contains the updated withholding foreign partnership (WP) agreement and withholding foreign trust (WT) agreement. The revenue procedure provides […]
- Hale Stewart’s Captive Insurance Webinar – April 4thBy Hale StewartWhile captive insurance companies have been used by large companies for over 60 years, their use by small and medium sized companies is still in its infancy. There are numerous reason for this, but […]
- Don’t Miss These Credits That Will Grant You Tax Relief!By Debra ThompsonMillions of Americans forgo critical tax relief each year by failing to claim the Earned Income Tax Credit (EITC), a federal tax credit for individuals who work but do not earn high incomes. […]
- Canadian Tax FAQ – Shareholder Loans On A Balance SheetBy Grant GilmourWhat are Shareholder Loans on a Balance Sheet? The Shareholder Loans category may appear as a short term or long term liability on a Balance Sheet. Shareholder Loan is a loan by a corporation to one […]
- Did Mr. FBAR Pay A Surprise Visit To Canada?