Tuesday, November 23, 2010

MMJ sales tax brings in $2.2 million to Colorado

Posted By on Tue, Nov 23, 2010 at 10:18 AM

The Denver Post reports today that the state has collected $2.2 million in sales tax, while the city of Denver has collected that much alone in city sales tax. As we previously reported, Colorado Springs has brought in roughly $380,000 this year.

The money is certainly welcomed in government budget offices across Colorado, which have struggled to keep the books balanced during the recession. But, in the overall budget picture, the infusion is little more than a speck. Colorado, for instance, took in more than $1.8 billion in sales-tax money during the fiscal year that closed at the end of June, according to the governor's Office of State Planning and Budgeting.

In Colorado Springs, dispensaries represented 0.5 percent of the city's October sales-tax revenue. In Denver, they are on pace to be about 0.7 percent of the city's projected $417 million in sales-tax revenues this year. By comparison, restaurants — the city's sales tax champs — bring in about $6 million per month, city budget director Ed Scholz said.

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