A bill was introduced on Monday that would slash taxes on marijuana and help the industry compete with the black market. California tax revenue is over 100 million behind where it was expected to be in the first half of the year 2018.
Assembly Bill 286, named the temporary cannabis relief bill would cut excised tax from 15% to 11% and would suspend cultivation taxes through the year 2022. “We don’t tax start-up businesses [from other industries] when they start,” the state treasurer said. “We need to do better.”
“AB 286 is an important step to ensure that we protect legitimate taxpaying businesses and stop the illegal black market in California,” Assembly member Rob Bonta, D-Alameda, said Monday at a press conference announcing introduction of the cannabis tax relief legislation.
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