Business Money News State

California marijuana taxes won’t go up for a year under new bill signed by Gov. Newsom

The California cannabis industry is getting a bit of a tax break, courtesy of the California Legislature.

Gov. Gavin Newsom signed a bill late last week into law that prohibits the California Department of Tax and Fee Administration from adjusting the cannabis excise tax markup amount until July 1, 2021.

The bill also prohibits the cultivation tax rates for the 2021 calendar year from being adjusted for inflation, unless that adjustment would result in an inflation rate less than zero.

Jerred Kiloh, president of the United Cannabis Business Association, said that the bill gives businesses in the cannabis industry “an opportunity to really kind of establish our budgets.”

“Cannabis companies need a way to find out what they are budgeting for,” Kiloh said.

To Read The Rest Of This Article By Andrew Sheeler on Sacramento Bee
Published: September 22, 2020
SHARE
RELATED POSTS
How CBD Became the Unexpected Star of Legalized Pot
Complex Marijuana Laws Leave Lawyers in Legal Limbo
Is Medmen Enterprises Inc Finally Turning it Around?

Leave Your Reply

*