Marijuana Generated 16 Million for Colorado School Construction in 2014 says Construction Reporter
Industry: Commerical Building
Sales of legalized marijuana in Colorado will support needed construction and renovation of schools.
Colorado (PRUnderground) March 13th, 2015
The Building Excellent Schools Today (BEST) program was created in Colorado in 2008 to provide grants for schools needing repairs or new facilities. It has received a boost of $16 million this year from revenues generated by legalization of marijuana in 2014, creating more construction jobs in the region.
Sales of marijuana are subject to a 15 percent excise tax which goes into the state’s public school capital assistance fund before it is transferred to the BEST program.
“There are actually a few taxes accessed in this process,” says Scott Newell, the director of the Colorado Department of Education’s office of capital construction.
“There’s a retail sales tax and a retail special sales tax that goes into the state’s general fund for discretionary purposes,” explains Newell, “and then there’s the excise tax, which is assessed when a grower sells to a retailer.”
Those who supported the constitutional amendment to legalize marijuana had predicted the tax would generate $40 million annually for Colorado schools.
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