A state-wide ballot proposition calling for both a sales and excise tax on recreational marijuana may mean big money for school construction and renovation in Colorado.
According to the language of Proposition AA, a 10 percent sales tax on marijuana is expected to generate up to $40 million in revenue every year and can be used for a variety of public project purposes.
A 15 percent excise tax will generate roughly that same amount, or nearly $400 million in the next decade, and will be automatically diverted to the Colorado’s Building Excellent Schools Together program.
The excise tax revenue, if the proposition is approved, will be used for both new school building construction as well as the renovation of existing schools throughout Colorado.
By Garry Boulard