State pot tax income now at $ 2.07 billion

0
85
State pot tax revenue now at $ 2.07 billion

FAIRFIELD – What cities and other local jurisdictions have been doing regarding cannabis taxes isn’t part of the nearly $ 2.1 billion California has raised since 2018.

The State Department of Tax and Fee Administration reported Friday that the state raised $ 236.4 million from pot industries in the final three months of 2020, although that number is expected to rise if one due to Covid-19 late reporting is permitted.

That fourth quarter figure equates to an excise tax of $ 123.4 million, a crop tax of $ 31.6 million, and a sales tax of $ 81.4 million, the agency reported.

In total, the state has raised $ 2.07 billion since 2018.

“Due to the Covid-19 pandemic, all but the largest taxpayers received a three-month extension to file their tax returns for the fourth quarter of 2020 with the California Department of Taxes and Fee Administration,” the agency said in a statement. “These returns are now due April 30, 2021. The fourth quarter 2020 data revision is expected in mid-May after the first quarter 2021 return due date April 30.”

Third quarter totals were also adjusted to $ 318.9 million, including $ 165.7 million in cannabis use tax, $ 42.5 million in cultivation tax, and $ 110.7 million in sales tax.

California voters approved Proposition 64, the Adult’s Control, Regulation, and Taxation of Marijuana Act in November 2016.

As of January 2018, the program has total revenues of $ 2.07 billion, including $ 1.04 billion in cannabis excise tax, $ 256.6 million in cultivation tax, and $ 771.7 million in sales tax.

Fairfield City Council on Tuesday is considering granting two retail permits for marijuana stores and will join Vallejo, Suisun City, Dixon and Benicia as Solano County cities that allow pot shops and other related businesses.

Vacaville and the county have moratoriums on cannabis deals. The county has a hemp ordinance.

The city of Suisun is getting closer to opening its first cannabis dispensary. The suggested location is on Railroad Avenue.