ckf Posted November 15, 2018 Share Posted November 15, 2018 What do other legal states outside of New England charge? Canada? Quote The subcommittee on taxation and regulation will be recommending to the Governor’s Marijuana Advisory Commission that the state adopt the highest tax rate on recreational cannabis currently in New England. It will be recommended to the the full committee next month that Vermont adopt a 26 or 27 percent tax rate on cannabis sales — Massachusetts has a tax rate up to 20 percent and Maine has a 10 percent state retail sales tax, according to the drafted document. The report, drafted months of subcommittee meetings, is still being finalized ahead of the mid December deadline in which it will be submitted to the full committee and then to Gov. Phil Scott. The proposed tax structure includes a 20 percent cannabis retail excise tax, the 6 percent state sales tax, and a 1 percent local option sales tax — if municipalities authorize the local option. The draft also outlines how the 26 percent tax would only apply to retail sales, not to wholesale transactions between licensed establishments. Legislators may disagree with this proposed tax rate when they are bound to dissect it this coming session. In a recent interview with VTDigger, Rep. Brian Smith, R-Derby, said he was in favor of taxing a legal cannabis market, but that he would be in favor of levying a “large” tax rate on retail sales in order to push for lowering property taxes moving forward. The tax rate was chosen by the committee as a way to “eradicate” the illicit cannabis market “to the greatest extent possible,” according to the report. The report stresses that the price, and tax rate, of regulated cannabis products should be competitive with illicit market prices in order to incentivize customers to pay taxes and support licensed retail shops. There was concern in the report that price fluctuations in the new legal cannabis market could affect state revenues with this tax structure, and that there would be further research into revenue estimates and market performance. Looking at data from eight other states that have legal markets, the report said that the prices of legal cannabis products dropped precipitously in the first few years of legal sales, but despite the downward trend in prices, state revenues continued to grow. While it is still unclear how much state revenue cannabis sales will bring to the state, the report outlined how it must bring in enough to cover the administrative cost of setting up the legal market. The Agency of Agriculture, the Department of Taxes, and the Department of Public Safety all submitted budget estimates for setting up administrative programs for the first three years — 2020-2022 — of the legal market. The Agency of Agriculture estimated it would need $1.1 million and the Department of Taxes budget would just over $2 million. The Department of Public Safety requested around $4.6 million, but the largest estimate was for education and prevention programs in public schools. This budget, which would cover education on cannabis use and “prevention strategies,” was estimated to be between $8 million to $12 million, according to the report. The report also recommends the start date for retail sales be begin 18-24 months after recreational marijuana sales are legalized. Before the recommendation is submitted to Scott, the full commission intends hold a public feedback tour in late November or early December. Quote Link to comment Share on other sites More sharing options...
Edmo Posted November 15, 2018 Share Posted November 15, 2018 In Colorado they tack on 15% on top of sales tax. My nephew said overall prices are trending down now where he’s at. 1 Quote Link to comment Share on other sites More sharing options...
Rod Posted November 15, 2018 Share Posted November 15, 2018 Tax it hard I don’t care Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Skidooski Posted November 15, 2018 Platinum Contributing Member Share Posted November 15, 2018 6 minutes ago, Rod Johnson said: Tax it hard I don’t care Because you don't partake Quote Link to comment Share on other sites More sharing options...
Rw06GT Posted November 15, 2018 Share Posted November 15, 2018 If they pass the legislation currently under consideration in NJ, tax will start at 10% and go up to a max of 25% over a few years. This is for recreational use. I believe medical card holders will be exempt. 1 Quote Link to comment Share on other sites More sharing options...
Zambroski Posted November 15, 2018 Share Posted November 15, 2018 It’s gonna be interesting to see how this all plays out as pot slowly continues to go legal nationally. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted November 15, 2018 Platinum Contributing Member Share Posted November 15, 2018 @ sin taxes and people thinking they are great. Quote Link to comment Share on other sites More sharing options...
ckf Posted November 15, 2018 Author Share Posted November 15, 2018 1 hour ago, Zambroski said: It’s gonna be interesting to see how this all plays out as pot slowly continues to go legal nationally. It will be a money grab by the government and big business. Quote Link to comment Share on other sites More sharing options...
F3600 Posted November 15, 2018 Share Posted November 15, 2018 25% tax on anything his highway robbery. 1 Quote Link to comment Share on other sites More sharing options...
Zambroski Posted November 15, 2018 Share Posted November 15, 2018 21 minutes ago, ckf said: It will be a money grab by the government and big business. Oh, there is no question that big business and government will regulate and legislate out any and all competition but, what I want to see is the left, who are primarily pushing for this, react to their precious government doing this. Gonna be interesting. Quote Link to comment Share on other sites More sharing options...
ActionfigureJoe Posted November 15, 2018 Share Posted November 15, 2018 Tax it. Put the money into addiction treatment services Quote Link to comment Share on other sites More sharing options...
USA Contributing Member $poorsledder$ Posted November 15, 2018 USA Contributing Member Share Posted November 15, 2018 Tax it the same as cigarettes. For medical use..... Oil companies would die heating oil red and if you were caught with red diesel fuel in the tank of your vehicle you were fined. Find a way to ID medical marijuana when it is sold and if someone with out a medical need is in position then give them a fine and treat him like someone in position of medication that they are not supposed to have. Toke away but pay your taxes to offset my taxes! 1 Quote Link to comment Share on other sites More sharing options...
Anler Posted November 15, 2018 Share Posted November 15, 2018 13 minutes ago, $poorsledder$ said: Tax it the same as cigarettes. For medical use..... Oil companies would die heating oil red and if you were caught with red diesel fuel in the tank of your vehicle you were fined. Find a way to ID medical marijuana when it is sold and if someone with out a medical need is in position then give them a fine and treat him like someone in position of medication that they are not supposed to have. Toke away but pay your taxes to offset my taxes! Yeah thats freedom. Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted November 15, 2018 Share Posted November 15, 2018 2 minutes ago, Anler said: Yeah thats freedom. Quote Link to comment Share on other sites More sharing options...
motonoggin Posted November 15, 2018 Share Posted November 15, 2018 Michigan is 3% med and 10% rec. Plus 6% sales tax. Lowest rec tax in the country. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted November 15, 2018 Platinum Contributing Member Share Posted November 15, 2018 2 hours ago, $poorsledder$ said: Tax it the same as cigarettes. For medical use..... Oil companies would die heating oil red and if you were caught with red diesel fuel in the tank of your vehicle you were fined. Find a way to ID medical marijuana when it is sold and if someone with out a medical need is in position then give them a fine and treat him like someone in position of medication that they are not supposed to have. Toke away but pay your taxes to offset my taxes! No such thing when it comes to govt. Quote Link to comment Share on other sites More sharing options...
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