State tax , fee administration reports on cannabis revenue

The California Department of Tax and Fee Administration (CDTFA) reported cannabis tax revenue for the second quarter of 2024, totaling $263.1 million. This includes $154.3 million in cannabis excise tax and $108.8 million from sales tax collected from cannabis businesses. The first quarter of 2024 revenue was revised to $266.4 million, with $157.3 million attributed to cannabis excise tax and $109.1 million to sales tax. These revisions were due to amended and late returns, as well as other tax return adjustments. Eligible cannabis vendors retained nearly $920,000 in vendor compensation, which retailers can claim for a 12-month period. Since January 2018, total cannabis tax revenue in California is nearly $6.3 billion, including $3.3 billion in cannabis excise tax and more than $2.5 billion in sales tax. The cultivation tax, which was eliminated on July 1, 2022, contributed $501 million to this total. Retail sales of cannabis and cannabis products are subject to state and local sales tax, with certain medicinal cannabis sales exempt for those with a valid Medical Marijuana Identification Card. Additional cannabis tax revenue data is available on the CDTFA Open Data Portal. California voters approved Proposition 64 in November 2016, which led to the implementation of two new cannabis taxes in January 2018: a cultivation tax and a 15% cannabis excise tax. The cultivation tax was eliminated on July 1, 2022, as part of cannabis tax reform legislation. The CDTFA administers various taxes and fees, including sales and use, fuel, tobacco, alcohol, and cannabis taxes. These programs accounted for more than $96.2 billion in the last fiscal year, supporting essential local services through the distribution of tax dollars to local communities. For more information, visit the CD

Source: oakdaleleader.com
Published on 2024-09-13

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