Sacramento – State tax revenue on cannabis sales jumped from $60.9 million in the first quarter of 2018 to $74.2 million in the second quarter, the California Department of Tax and Fee Administration reported Monday.
Tax revenue from the cannabis industry totaled $74,240,257.00 million from April 1, 2018, through June 30, 2018, which includes state cultivation, excise and sales taxes. It does not include tax revenue collected by each jurisdiction.
California’s excise tax on cannabis generated $43,490,668.00 million in revenue during the second quarter of calendar year 2018. The cultivation tax generated $4,482,119.00 million, and the sales tax generated $26,267,470.00 million in revenue. Medicinal cannabis is exempt from sales tax if the purchaser holds a valid Medical Marijuana Identification card.
The revenue from 1st quarter 2018 was $60.9 million, which included $32 million in excise tax, $1.6 million cultivation tax, and $27.3 million in sales tax.
To better serve our taxpayers, CDTFA has opened a new satellite location to accommodate tax and fee payers in and around Humboldt County, created a cannabis external tax advisory group, introduced a new pilot project in which the Statewide Compliance and Outreach Program teams visit known cannabis retailers to educate and assist them in complying with their tax obligations, and implemented improved procedures and security measures for financial transactions.
In November 2016, California voters approved Proposition 64, the Control, Regulate and Tax Adult Use of Marijuana Act. Beginning Jan. 1, 2018, two new cannabis taxes went into effect: a cultivation tax on all harvested cannabis that enters the commercial market and a 15 percent excise tax on the purchase of cannabis and cannabis products.
In addition, cannabis and cannabis products are subject to state and local sales tax at the time of retail sale.
To learn more, see the Tax Guide for Cannabis Businesses on the CDTFA website.
Like this:
Like Loading...
Related
REAL NAMES ONLY: All posters must use their real individual or business name. This applies equally to Twitter account holders who use a nickname.
0 Comments
You can be the first one to leave a comment.