HB 13-1318 Summary

• Establishes a 10% retail marijuana sales tax on all retail marijuana and marijuana products sold to consumers, effective January 1, 2014, with a maximum rate of 15% that may be adjusted by the General Assembly without additional voter approval.

• Imposes a 15% excise tax on the first sale or transfer of unprocessed marijuana from cultivation facilities, with the same maximum rate and adjustment provisions.

• Allocates 15% of sales tax revenues to local governments based on where sales occur, with remaining revenues transferred to the Marijuana Cash Fund for industry enforcement and related costs.

• Directs the first $40 million in annual excise tax revenues to the Public School Capital Construction Assistance Fund, with remaining revenues to the Marijuana Cash Fund.

• Requires voter approval via ballot question at the November 2013 statewide election; the entire article repeals February 1, 2014 if voters reject the measure.