Colorado legislators approve referendum on marijuana tax bill

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DENVER, May 8 (UPI) -- Colorado's Legislature approved and sent to the governor Wednesday a bill asking voters to impose taxes on recreational marijuana.

The actions by the state House and Senate move the state closer to becoming the first in the country to pass laws regulating recreational marijuana, The Denver Post reported. Colorado voters will decide the referendum in November.

The Senate approved the tax measure, and another regulating marijuana retailers, with little discussion Wednesday morning, then sent both to the House. The House quickly passed House Bill 1318, regarding taxes on marijuana, and sent it to Gov. John Hickenlooper. House members were to take up the second measure, the newspaper said.

House Bill 1318 would impose a 15 percent excise tax, and a sales tax initially set at 10 percent, on recreational marijuana sales. Voters' approval is needed before they take effect. The money raised would fund school construction and regulation of marijuana stores, the newspaper said.