Colorado Residents Get To Decide Whether Or Not To Give Their Money To The Government

Colorado stands as a shining example of just how beneficial the marijuana industry can be for state governments. The state's recreational marijuana sales were taxed at a staggering 28 percent, resulting in nearly $60 million worth of tax dollars this year. While that figure is below initial projections, it provided the state with an entirely new source of income. One of the key reasons voters elect to legalize marijuana is the increased funding for projects they care about, and Colorado is no exception. The revenue brought in by pot sales in Colorado was earmarked for projects like school construction and upkeep, but the state's tax law may return those funds to taxpayers instead.

Colorado's legislation says that the state government is only allowed to bring in a certain amount of money each year via tax dollars, and the marijuana tax money has exceeded that figure. The law dictates that the government must return the excess to taxpayers, but state officials say they should be allowed to keep the money and spend it as they promised.

Lawmakers in Colorado are

on a bill that will allow voters to determine what happens to that extra money. Instead of making the refund, state officials are appealing to residents to let the government keep the money in order to carry out the projects that were promised to voters when marijuana was legalized. The bill itself will take some time, but if put to a vote, many believe that the state's population will wave their refund.