Current Marijuana Taxes In Colorado
Until earlier this year, the state retail marijuana sales tax in Colorado has always been 10 percent. Starting July 1, 2017, that tax was brought up to 15 percent. Before the recent hikes, areas like Eagle County didn’t even have a local marijuana sales tax. They were only collecting the regular sales taxes until voters in certain cities approved the new marijuana taxes.
If you live in Colorado and your city isn’t imposing their own marijuana taxes, they may be coming soon.
New Taxes Are Coming
Local sales tax rates went up in over 10 areas of Colorado this January.
Eagle County followed in their footsteps, starting a local pot tax. It will start at 2.5 percent and cap at five percent. So cannabis consumers in Eagle County will be dishing out 15 percent on state retail marijuana sales tax, 2.5 percent on local marijuana sales tax, plus the standard local and state sales taxes on all retail transactions.
The county has a 36-member oversight committee that will make recommendations to the Eagle County Board of Commissioners on how to spend tax money accumulated from recreational marijuana. The main concern for the community is combatting mental illness and substance abuse.
According to Andrew Romanoff, CEO of Mental Health Colorado, “Eagle County voted to save lives.”