|Colorado marijuana dispensary | Photo: Scott Lenz|
Amendment 78 – Legislative Control Over Legal Settlements and Federal Government Expenditures
Legal settlements and federal government funds would be subject to regular legislative appropriation. It will require a vote of at least 55%.
Proposition 119 – Increase Sales Tax on Recreational Marijuana for Out-of-Schools Programs
Proposition 119 would add a new sales tax on recreational marijuana at 3% on January 1, 2022 and increase it to 5% in 2024. It would be added to the state’s current 15% tax. The estimated $138 million annual new revenue would go to out-of-school learning.
Proposition 120 – Lower Property Tax Assessments
The initiative would lower the property tax assessment rate for residential homes from 6.8% to 6.5% and for commercial properties from 29% to 26.4%. The Democratic legislature last year passed a conflicting statute, and if Proposition 120 passes, it will likely produce a legal battle.