The House committee in charge of taxes today approved S54, commercial cannabis, with a combined 20% state tax. There’s no local tax, and towns will be required to “opt-in” by popular vote before a commercial cannabis operation can open. It also remains to be seen if buyers will choose heavily taxed ‘legal’ marijuana over cheaper black market product.
"Under the House bill, which was reported out of committee on a 7-3 vote, cannabis purchases would face a 14% excise tax and a 6% sales tax. The excise tax which would send revenue to the state's general fund, and the sales tax would feed the education fund. According to a mid-range estimate from the Joint Fiscal Office, the state could expect to see about $13 million in tax revenue about four years after dispensaries start selling to consumers in 2022. Of that revenue, $8.9 million would be sent to the state's general fund, and $3.8 million would go into the education fund.
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