SAN FRANCISCO (AP) - California tax officials say a state proposal to tax and regulate marijuana like alcohol would generate nearly $1.4 billion in revenue.
A State Board of Equalization report released Wednesday estimates marijuana retail sales would bring $990 million from a $50-per-ounce fee and $392 million in sales taxes.
As the bill is written, the state could not begin collecting taxes under the bill until the federal government legalizes marijuana.
A spokesman says Ammiano,the bill sponsor, plans to amend the bill to remove that provision.
Wednesday, July 15, 2009
California: Legal Pot Would Rake in $1.4 BILLION