The IRS owes taxpayers millions of dollars for weed. Recent reports speculate that Colorado residents will receive an additional $100 million attached to their tax refunds next year thanks to the state’s newfound legal marijuana industry.
Working class residents of the Centennial State are not likely to receive a stellar refund by way of check or direct deposit, but rather in the form of tax credits or reductions in sales tax. So, if you had already made plans for your cut of the reefer refund, we are sorry to report that your extra $30-40 will probably be paid to you in invisible installments throughout the course of next year.
Colorado will collect somewhere in the neighborhood of $70 million in taxes from the recreational marijuana trade, but with recent estimates pointing towards the state generating over $100 million in tax revenue, there is the distinct possibility the state will owe taxpayers approximately $107 million.
Yet, there is a chance taxpayers will allow the additional funds to remain in the state’s coffers.
While Colorado has issued five TABOR refunds in the past, state officials say the forecasted reimbursement would be the first to be distributed due to over-taxation and not a technical issue.
Exactly how much the state will owe Colorado taxpayers will not be known until June of 2015.
Mike Adams writes for stoners and smut enthusiasts in HIGH TIMES, Playboy’s The Smoking Jacket and Hustler Magazine. You can follow him on Twitter @adamssoup and on Facebook/mikeadams73.