Colorado Will Vote On Raising Marijuana Taxes To Fund Education Programs This November, Officials Confirm

MJ moment

Colorado voters will decide on an initiative in November that would raise marijuana taxes to fund programs that are meant to reduce the education gap for low-income students. The secretary of state confirmed on Wednesday that the campaign behind the measure collected more than the required 124,632 valid signatures to make the ballot. The Colorado Learning Enrichment and Academic Progress (LEAP) measure would give low- and middle-income families a $1,500 stipend to have school-aged children participate in after-school programs, tutoring and summer learning activities. If Initiative 25 is approved, the state excise tax on sales adult-use cannabis products would be gradually increased from 15 percent to 20 percent to fund the effort. Starting January 1, there would be a three percent increase in the current excise tax. That would increase to a five percent increase beginning in January 2024. Colorado would collect an additional $138 million per year to fund the measure once the final tax rate is set, according to a fiscal analysis. — Marijuana Moment’s journalism is made possible by readers like you who value this work enough to support us with monthly pledges on Patreon. If you rely on our reporting to stay informed about key cannabis developments, please help us keep doing this by becoming a sustaining subscriber today. Backing us at the $25/month level also gets you access to our Bill Tracker so you won’t miss any important marijuana legislation in your state. — Supporters say this policy is especially needed as a response to the coronavirus pandemic, which has exacerbated income-related learning gaps for students. But some marijuana industry stakeholders—and even the state’s largest teachers union—have expressed concerns about the proposal. Beyond imposing the extra five percent tax on cannabis, the initiative also calls for a repurposing of state revenue that it generates from…

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Source : Colorado Will Vote On Raising Marijuana Taxes To Fund Education Programs This November, Officials Confirm

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