Although recreational marijuana has been legal in the state of Colorado for over a decade, the Centennial State still consistently sees areas within legalization that need to be periodically adjusted, changed, etc. to accommodate new findings.
Colorado has served as somewhat of a guinea pig as far as legal marijuana goes, and now one city is making a new change in the way that the industry will operate over the next few years to promote marijuana-related jobs and overall economic growth.
Pueblo Colorado is Temporarily Suspending Excise Taxes on Marijuana
The city of Pueblo, Colorado voted earlier this week to suspend excise taxes on marijuana retailers for three years, beginning in 2024.
So, what exactly is an excise tax? This type of tax is paid by retailers to those who manufacture the product and is typically, though not always, applied to producers of things like alcohol, tobacco, and marijuana. Because of this, these specific excise taxes are also known as “sin taxes.”
Why is Pueblo Colorado Suspending Excise Taxes on Marijuana?
While Pueblo has historically been seen as a bit of a frontrunner on the legal marijuana front, research shows that the current excise tax of 8% has made it difficult for growers, harvesters, and other marijuana industry-related job holders to operate in the city.
The approved suspension will drop Pueblo’s marijuana excise tax from 8% to 0% between the years 2024 and 2027 in hopes of attracting new jobs and economic growth in the city as far as the…
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