HB 15-1367 Summary

• Reduces retail marijuana sales tax from 10% to 8% effective July 1, 2017, and reduces excise tax rate on first marijuana sales from 15% to a lower rate under the same timeline.

• Refers ballot issue to November 2015 election asking voters to retain and spend revenues that would otherwise be refunded due to exceeding Proposition AA budget estimates, with $40 million designated for public school capital construction.

• Establishes conditional refund mechanisms if voters reject the ballot issue, including temporary sales tax rate reduction to 0.1% and direct refunds to marijuana cultivation facilities for taxes paid during fiscal year 2014-15.

• Creates Proposition AA refund account with $27.7 million from marijuana tax cash fund and $30.3 million from general fund, restricted until January 1, 2016, to cover potential TABOR refunds.

• Allocates marijuana tax revenue for purposes including drug education, substance abuse treatment, law enforcement, youth programs, public health initiatives, and establishes local government retail marijuana impact grant program.