Is There a New York Marijuana Tax?

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This topic contains 3 replies, has 4 voices, and was last updated by  sankarit14 2 years, 11 months ago.

  • Author
    Posts
  • #13030

    gurug
    Participant

    Is there a tax in New York, and if so, how much is it?

  • #13593

    sohigh
    Participant

    Actually, there isn’t any Marijuana tax in New York, but if there were one, according to huffington post it would be about 15 percent excise tax on marijuana that could be used for medical or recreational purposes. New York would generate approximately $248 million, and if all 50 states legalized marijuana they would generate approximately $3 billion a year in taxes!

  • #13594

    Richie
    Participant

    Registered organizations that have a state license to produce and dispense medical marijuana pay an excise tax of 7% directly to the state. Of this 7%, 22.5% goes to county were the medical marijuana was produced and 22.5% goes to county were the medical marijuana was dispensed. 5% goes to Office of Alcohol and Substance Abuse Services for prevention, counseling and treatment services. 5% goes to the Department Criminal Justice Services for discretionary grant program related to enforcement of the this title.

  • #13595

    sankarit14
    Participant

    New York does have a tax for the purchase of Marijuana. The tax is currently 7%, the counties where the stores are located will receive 22.5 percent of that revenue. This tax is what helps New York state make money to fund it’s many programs and projects across the state, specifically the counties where the consumers can purchase this medical marijuana.

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