(b) (I) Until July 1, 2017, the state treasurer shall transfer from the general fund to the marijuana tax cash fund an amount equal to eighty-five percent of the gross retail marijuana sales tax revenue collected by the department.
(I.3) On and after July 1, 2017, but before July 1, 2018, of the ninety percent of the gross retail marijuana sales tax revenue in the general fund remaining after the allocation to local governments required by subsection (1)(a)(I) of this section is made, the state treasurer shall retain twenty-eight and fifteen one-hundredths percent less thirty million dollars in the general fund for use for any lawful purpose and shall transfer from the general fund:
(A) Seventy-one and eighty-five one-hundredths percent to the marijuana tax cash fund; and
(B) Thirty million dollars to the state public school fund created in section 22-54-114 (1) for use as specified in section 22-54-139 (2).
(I.5) On and after July 1, 2018, but before July 1, 2025, of the ninety percent of the gross retail marijuana sales tax revenue in the general fund remaining after the allocation to local governments required by subsection (1)(a)(I) of this section is made, the state treasurer shall retain fifteen and fifty-six one-hundredths percent in the general fund for use for any lawful purpose and shall transfer from the general fund:
(A) Seventy-one and eighty-five one-hundredths percent to the marijuana tax cash fund; and
(B) Twelve and fifty-nine one-hundredths percent to the state public school fund created in section 22-54-114 (1) for use as specified in section 22-54-139 (3).
(I.6) On and after July 1, 2025, of the ninety-six and one-half percent of the gross retail marijuana sales tax revenue in the general fund remaining after the allocation to local governments required by subsection (1)(a)(I) of this section is made, the state treasurer shall retain fourteen and fifty-one one-hundredths percent in the general fund for use for any lawful purpose and shall transfer from the general fund:
(A) Seventy-two and two-tenths percent to the marijuana tax cash fund;
(B) Eleven and seventy-four one-hundredths percent to the state public school fund created in section 22-54-114 (1) for use as specified in section 22-54-139 (3); and
(C) One and fifty-five one-hundredths percent to the marijuana cash fund created in section 44-10-801 (1)(a).
(II) Repealed.
(III) The general assembly shall make appropriations from the marijuana tax cash fund for the expenses of the administration of this section.
(2) Repealed.
(2.5) On or after November 1, 2027, but prior to April 1, 2028, the joint budget committee shall review the percentage of the gross retail marijuana sales tax revenue that is allocated to local governments pursuant to subsection (1)(a)(I) of this section to determine whether the percentage continues to be appropriate. The committee shall recommend to the general assembly any modifications to the allocation that the committee deems necessary.
(3) As used in this section:
(a) Ballot issue means the ballot issue referred to the voters in accordance with section 39-28.8-603 (1).
(b) Marijuana tax cash fund is the cash fund created in section 39-28.8-501
(1).
