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. The bill introduced by San Francisco Democratic Assemblyman Tom Ammiano in February would allow adults to legally possess, grow and sell marijuana. Ammiano has promoted the bill as a way to help bridge the state's $26.3 billion budget shortfall. 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 plans to amend the bill to remove that provision.
With the new restrictive house rules breaking the long-standing tradition of open debate on summer appropriations and the House Committee on Energy and Commerce not wanting to touch HR 2835 with a 10 foot pole, that last sentence becomes critically important.
TBH, what they should do is repeal their participation in the uniform narcotic act. At that point they would have a strong state's right argument, as long as the then agricultural product doesn't cross state borders in either direction.