Legal marijuana in Colorado has already generated more than $15 million in tax revenue that is specifically earmarked for public schools, according to the latest data from the state's Department of Education.
Since Jan. 1, 2014, when the state's first retail marijuana shops opened, $15.6 million has been generated for the Building Excellent Schools Today (BEST) grant program, said Scott Newell, director of the office of capital construction for the state's Education Department. The marijuana funds for schools were generated via a special voter-approved 15 percent excise tax on marijuana sales.
Newell's office oversees all funds flagged for school construction in the state through BEST. In addition to marijuana excise taxes, additional funding for BEST is provided from state lottery spillover proceeds and interest, as well as the state land trust -- all of which is put into a single fund and dispersed via grants to needy districts and schools.
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Dude, where's my school ?
ReplyDeleteWell, there you go!
ReplyDeleteHere, they could buy gift cards "for the children".
ReplyDeleteUp in Smoke Man...
ReplyDeleteDid it actually go to the schools?
ReplyDeleteThat would be a novelty here in Taxyland....a revenue stream actually benefiting the group the tax was touted to support!