Colorado law required the vote because the revenue exceeded the initial estimate. The overall revenue was more than voters approved for a marijuana tax in 2013. TABOR requires a projection to be made in a tax’s first year.
The refund is equal to the amount of revenue collected from the voter-approved taxes on retail marijuana in the 2014-15 budget year. Proposition BB gave voters the option to allow the state to keep and spend $66 million or return it. The majority of the money, $40 million, will go to school construction. The rest is for school programs and drug education.
If voters opted to return, $25 million would have gone to taxpayers in the form of a refund; $24 million would have gone to marijuana growers and $17 million to marijuana users.
Depending on income, voters would have gotten back between $6 and $32.
Denver residents were also asked to grant the city and county the right to keep and spend the revenue the city has collected, $5.3 million, from its own local marijuana taxes. That measure passed as well.
Opponents have said allowing the state to keep the money is a virtual tax increase; supporters disagreed because a deliberate tax hike was never made.