Politics

California Lawmakers Seek Tax Cuts for Cannabis Industry

By January 31, 2019 No Comments
edgar-chaparro-532115-unsplashDemocratic state lawmakers in California are currently proposing significant tax cuts to help breathe new life into California’s slow growing cannabis industry.

Licensed cannabis businesses claim that California’s exorbitant taxes and complicated regulatory hurdles have encumbered overall earning potential within the state’s booming legal marketplace.

The proposal would eliminate the state’s $148/LB cultivation tax and reduce the state’s retail sales excise tax from 15 % to 11%.

In 2018, state tax revenues for the legal cannabis industry in California fell nearly $350 million short of Gov. Jerry Brown’s estimate in his proposed annual tax revenue projections.

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