Gov. John Hickenlooper on Tuesday asked Colorado lawmakers for a 50 percent increase in sales taxes on recreational marijuana starting July 1 to send an additional $42 million to public schools.

The Democrat wants to increase the recreation sales tax on pot to 12 percent effective July 1, the same day the levy is scheduled to fall to 8 percent. The current tax rate is 10 percent.

The move is part of his plan to fill a $135 million shortfall in school funding caused by a constitutional provision that mandates a cut in residential property taxes — a primary source of money for local classrooms.

In addition, Hickenlooper proposed to cut the senior homestead property tax exemption in half, freeing another $68 million for schools. The shift would allow seniors to claim a tax break on the first $100,000 in their home value, rather than the first $200,000 allowed in current law.

Read full story at denverpost.com.

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