Where Colorado spends marijuana taxes

PUEBLO WEST, Colorado — Colorado set one other document in 2021 with greater than $2.2 billion in marijuana gross sales. All of that commerce translated to round $423 million in state income from taxes and costs.

One of the crucial seen makes use of of marijuana taxes for faculties is the Constructing Wonderful Faculties Immediately (BEST) grant program. It was launched in 2008 and has awarded greater than $2.5 billion in grants to assist restore or substitute getting older faculties across the state.

“Funds can be found to all Colorado public faculties. So, district faculties, constitution faculties, boards of cooperative academic providers, and the Colorado Faculty for the Deaf and the Blind,” defined Andy Stine, the Director of Capitol Building for the Colorado Division of Schooling.

This system receives funding from the Colorado Lottery, the Colorado Land Board, and a 15 p.c excise tax on wholesale marijuana transfers from growers to shops.

“A number of years in the past marijuana excise tax did surpass state land board revenues coming into this system at about $80 million from the marijuana excise tax and about $75 million coming from the state land board,” Stine mentioned.

College students and employees at Swallows Constitution Academy in Pueblo West simply wrapped up their second faculty yr of their new constructing that was paid for with a BEST grant. Swallows is a Ok-12 campus and the state cash paid for a $20 million constructing to deal with the Kindergarten via eighth grades.

“I really feel like we’ve a constructing that each Spartan could be pleased with and whether or not they’re kindergarten or twelfth grade,” mentioned Dr. Cindy Compton, Govt Director of Swallows Constitution Academy.

The necessity usually exceeds the cash obtainable for BEST grant awards. So, the board provides precedence to functions the place the well being, security, and safety of scholars are on the biggest threat.

Compton mentioned her grant creator Dr. Kathryn Meyer utilized for six years in a row earlier than the varsity obtained the funding in 2018.

“Earlier than the grant, we have been in seven completely different buildings at one time. A lot of them have been modulars and a few have been modulars that have been put collectively in a bigger facility after which we have been in an previous grocery retailer,” she mentioned.

Colorado additionally collects a particular 15 p.c excise gross sales tax cost when marijuana prospects pay at try.

“It will get divvied up into completely different locations primarily based upon statutory necessities,” defined Jennifer Okes, Chief Working Officer for the Colorado Division of Schooling.

The Division of Income splits that gross sales tax 90/10 with the native governments the place the taxes are collected. The remaining 90 p.c is then break up 3 ways between the Basic Fund, the State Public Faculty Fund, and the Marijuana Tax Money Fund.

Okes defined that a number of state legal guidelines dictate the place cash from the Marijuana Money Tax Fund could be spent.

“It is likely to be bullying prevention, it is likely to be dropout prevention,” Okes mentioned. “There’s entire host of grant packages, however once more these are very type of area of interest packages.”

The newest appropriations report from the Joint Finances Committee of the state legislature lists 68 completely different packages that obtained cash from the Marijuana Tax Money Fund.

CLICK HERE TO DOWNLOAD THE FISCAL YEAR 2021-22 APPROPRIATIONS REPORT. (SEE APPENDIX E5)
_____

Watch KOAA News5 in your time, anytime with our free streaming app obtainable to your Roku, FireTV, AppleTV and Android TV. Simply search KOAA News5, obtain and begin watching.