Denver proposes tax hike on marijuana for affordable housing | PostIndependent.com

Denver proposes tax hike on marijuana for affordable housing

DENVER (AP) — Denver officials have unveiled a plan that would have marijuana buyers help pay for an expansion of the city's 10-year, $150 million affordable housing fund.

The Denver Post reports Mayor Michael Hancock and other city officials on Monday unveiled the proposal that, if approved, would increase the city's 3.5 percent special tax on recreational marijuana sales to 5.5 percent.

The tax hike requires only council approval since Denver voters capped the special local tax at 15 percent when they approved it in 2013.