Marijuana Legalization: California Looking At $1B Tax Bonanza From Legal Pot
December 2, 2016
Legalization of recreational use of marijuana could mean a tax bonanza for California with tax collectors already taking the first steps toward getting a handle on the emerging industry.
The California Board of Equalization approved a proposal Tuesday to ask for funds to hire staff in anticipation of 2018 when legalization of recreational use kicks in after California voters decided Nov. 8 to approve Proposition 64. As many as 25,000 cultivators are expected to register and begin paying taxes. The board expects to need $20 million by 2021 to support a staff of 114.