Colorado bill aims to direct more marijuana money to schools
A bill currently making its way through the Colorado legislature would allocate more marijuana tax revenues for school construction projects.
When voters legalized retail marijuana sales in Colorado, one of the key selling points of legalization was that certain tax revenues related to legalized marijuana would go toward schools statewide. Specifically, a portion of excise tax revenues — taxes paid by wholesalers purchasing from growers — would go toward funding capital construction projects at some of the most in-need schools, especially in rural areas. Under the current law, whichever amount is greater — $40 million or 90 percent of total excise tax revenues — goes toward the public school capital construction assistance fund.
“What my bill will do is make sure than 100 percent of the state’s marijuana excise tax revenue will be credited to this account and made available for public school capital construction,” said the bill’s sponsor, Rep. Shannon Bird (D-Westminster).