It would take effect immediately upon a majority vote
“New Mexico has a strong history of collaborating with tribes"
They think it should include the ability to deduct business expenses
The state of Colorado charges its own taxes on cannabis sales
The US Court of Appeals for the Ninth Circuit recently ruled regarding IRC §280E
It’s not yet known how high the taxes and fees will be.
Marijuana is now a major source of revenue the state can't afford to lose.
The referendum included licensing fees and a 10% tax on sales by marijuana stores and social clubs.
The funds have been put to a wide range of uses, such as rebuilding infrastructure.
Negotiations had been underway for weeks to try and reach such a compromise.