Today's Tax-Free Pot Day in Colorado

Tokers can thank quirky state tax law for their good fortune
By Newser Editors,  Newser Staff
Posted Sep 16, 2015 11:39 AM CDT
Today's Tax-Free Pot Day in Colorado
If you're in Colorado, your pot is cheaper today.   (AP Photo/David Zalubowski)

They knew this day was coming, and now it's here. It's tax-free cannabis day in Colorado, where due to a quirk in the state's tax law, buyers of recreational marijuana will be relieved of most taxes on their purchase, the AP reports. The one-day "holiday" means Colorado won't collect 10% sales tax on pot, and it will also suspend a 15% excise tax on marijuana growers. The tax break is happening because Colorado underestimated overall state tax collections last year, which means automatic suspension of any new taxes—in this case, the recreational marijuana taxes voters approved in 2013.

Retailers are hoping for big crowds today, though the state had no estimate on how many shoppers might turn out. "Our hopes are high, and we're going to push as hard as we can to see as many customers as we can," the owner of two Denver dispensaries tells 7News Denver. The taxes revert to 25% tomorrow, the AP notes. (Don't go too crazy, weed fans: Smoking too much may be linked to prediabetes.)

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