Marijuana-specific taxes outstripped alcohol taxes last year, according to the Colorado Department of Revenue.
The state said it collected nearly $70 million in marijuana taxes from July 1, 2014 to June 30, 2015, and just under $42 million in alcohol-specific taxes for the same period.
Colorado is planning Wednesday as a holiday from sales taxes on marijuana, said a press release from the Marijuana Policy Project.
“Marijuana taxes have been incredibly productive over the past year, so this tax holiday is a much-deserved day off,” said Mason Tvert, director of communications for the Marijuana Policy Project and a co-director of the campaign in support of the 2012 initiative to regulate and tax marijuana like alcohol in Colorado. “This will be the one day out of the year when the state won’t generate significant revenue. Over the other 364 days, it will bring in tens of millions of dollars that will be reinvested in our state.”
Colorado raised nearly $69,898,059 from marijuana-specific taxes in FY 2014-2015, including $43,938,721 from a 10 percent special sales tax on retail marijuana sales to adults and $25,959,338 from a 15 percent excise tax on wholesale transfers of marijuana intended for adult use. The state raised just under $41,837,647 from alcohol-specific taxes in FY 2014-2015, including $27,309,606 from excise taxes collected on spirited liquors, $8,881,349 from excise taxes on beer, and $5,646,692 from excise taxes collected on vinous liquors. These figures do not include standard state sales taxes or any local taxes — which push the amounts collected higher.