Colorado may have to refund taxes paid on marijuana sales that were originally slated to help fund education.
The turn of events is a result of Colorado’s infant legal-marijuana laws coming up against what is known as the Taxpayer Bill of Rights, or TABOR, as the Associated Press said in a recent report.
TABOR is a 1992 state constitutional amendment requiring Colorado to issue tax refunds whenever it collects more tax money than is permitted under a formula tied to inflation and population growth.
Since Colorado’s economy has been growing faster than expected – and tax receipts are strong – preliminary estimates suggest a total of $30.5 million, or about $7.63 per adult Coloradan, could be slated for refund, the AP said, citing a projection from the governor’s budget writers.
