COLORADO SPRINGS, Colo. — Just over $66 million is up for grabs between the state of Colorado and it’s taxpayers.
“Proposition BB is the result of TABOR, the constitutional amendment adopted in 1992 that limits revenues for the State of Colorado,” said Bob Loevy, a retired professor of political science at Colorado College.
The state underestimated the amount of tax revenue marijuana sales would bring in.
“TABOR requires that if revenues come in faster than a certain rate, the excess revenue must be returned to the voter. That’s what’s going on in Proposition BB, deciding what to do with excess revenue, which ordinarily would go back to the taxpayer,” Loevy said.
In the case of Proposition BB, voting “yes” would have $40 million spent on school construction with $12 million funding state programs, including marijuana education and prevention campaigns, bullying prevention and more.
The remainder of the funds have yet to be allocated.
If the proposition fails, $25 million would be refunded to Colorado residents at $8 per taxpayer.
The rest would go back to the marijuana industry. $24 million would be given directly to marijuana growers with $17 million going to those who bought marijuana.
“The idea is, wouldn’t you rather see the money spent for school construction and a long list of other very desirable things that government does, rather than being returned to marijuana growers, warehouse owners, etc,” Loevy said.
For a closer look at the arguments for and against Proposition BB, click here.