Illinois weed tax revenue 

Illinois weed tax revenue. Nov 23, 2020 · Tax revenue from legal marijuana sales has also been earmarked for other services, like the R3 community investment program. gov. Apr 26, 2023 · In March, Illinois generated $135 million from legal cannabis sales as the state implemented a tax rate of 25% of the purchase price of marijuana. No. Colorado was one of the first states to legalize recreational cannabis. JB Pritzker’s office reported Feb. ) that aren’t legal under federal law, even if such substances are legalized by state law. Apr 15, 2021 · on. But less than half the new tax revenue Select additional tabs on the graph below to view retail sales, which are comprised of medical and adult use dispensary sales, and other sales and price comparisons. Arizona: 6. Medical cannabis patients would not be subject to a tax. 46 million being distributed as grants to the 20 member organizations and the remainder being used to administer the . 5 billion pension hole, is counting on help from legalizing recreational marijuana. 67. . AdultUseCannabis@illinois. In 2020, Illinois collected a fraction of that at $49,460,287. From January to March, Illinois generated about $86,537,000 in adult-use marijuana tax revenue, compared to $72,281,000 from liquor sales. Illinois collected 3% less in marijuana taxes during the fiscal year ended June 30 than it did a year earlier, even though recreational cannabis sales grew 5% during that Dec 19, 2019 · Illinois could collect $400-$600 million in annual taxes when the industry is mature. Taxes are another factor. That is less than half the $227 million in liquor tax revenue this year, but the state’s weed tax revenue is Sep 14, 2020 · The state’s take from marijuana taxes hit a record in August. 2016-2025; New York's cannabis sales value forecast U. Pritzker, who is staring down a $133. gov)) Further details: Please be advised the Wholesale Sales slide Mar 17, 2023 · While Illinois reported $455 million in tax revenue from legal weed in the last year, we also have the 2nd highest taxes on recreational marijuana. The state's total quarterly tax revenue was $8. Here is the summary:Marijuana Tax and Fee Revenue For May 2022DateMarijuana Tax and Fee RevenueMay 2022$27,520,4512022 Calendar Year Total$144,542,819To Date Total (since Municipal Cannabis Retailers’ Occupation Tax On and after January 1, 2020, the corporate authorities of a municipality may, by ordinance, impose a tax on all persons engaged in the business of selling cannabis at retail locations in the municipality on the gross receipts from these sales. 2 million in cannabis taxes last month, up 38 percent from July, according to the Illinois Department of Revenue. ’s first medical cannabis sales tax holiday, on Friday, Feb. Wisconsin Gov. Nov 19, 2022 · While Illinois reported $455 million in tax revenue from legal weed in the last year, we also have the 2nd highest taxes on recreational marijuana. 12. 5 million in restorative justice grants are now available thanks to tax revenue derived from legal cannabis sales. Sep 30, 2022 · While states like California and Illinois allow medical marijuana as a tax write-off for certain patients, most other states follow federal law and the IRS and do not allow medical marijuana to be deducted from individual or business income taxes. The marijuana excise tax revenue is credited to the Building Jan 11, 2024 · Recreational marijuana sales generated $417. Michigan was also approved in 2019, and the estimated state sales Oct 14, 2020 · Illinois has hit a marijuana tax milestone, the state announced on Tuesday, collecting more than $100 million in revenue from cannabis sales since the recreational legalization program launched this year. Adult Use Sales accounts for approximately 77% of total sales revenue for Cannabis in IL. C. Tax disbursements to local Illinois governments in fiscal 2022 Jan 31, 2022 · Illinois has collected more than $400 million in tax revenue from recreational marijuana sales in 2021, and Michigan has collected nearly $250 million, according to the two states. 3 million in fiscal year 2022. 5 billion in fiscal 2022. Nationwide legalization could generate $8. Jul 15, 2020 · Of the $52. 6 million in tax revenue for the state in 2023, according to the Illinois Department of Revenue. Pritzker reported the state of Illinois has seen a 50 percent increase in total tax reported from adult-use cannabis, from $297. 5 per immature plant or Adult use Cannabis sales have surpassed liquor sales with total revenue for FY 22 equating to $466 in comparison to $319 to liquor sales. May 2, 2023 · Illinois gets more tax revenue from marijuana than any state but California, pulling in $562 million last year. 11, 2022. flower; $94/lb. 5 billion in recreational marijuana sales. Illinois recorded over $1 billion in non-medical marijuana sales last year Mar 5, 2024 · Since adults became legally able to buy marijuana for recreational use here in February 2023, Missouri has generated more than $64 million in tax revenue. Tax consistency across jurisdictions will be important if interstate commerce is legalized. Aug 16, 2023 · August 16, 2023 10:57 AM. That tax money, as well as licensing fees, will pay for cannabis regulations and social welfare projects. In 2022, Illinois generated $445 million in tax revenue from legal cannabis sales. The Jul 25, 2022 · CHICAGO (CBS) -- Cannabis sales are up in Illinois as the state received nearly $450 million in tax revenue from $1. Under the legalization bill that Gov. Here’s where the money goes. 24 . Apr 13, 2021 · Illinois took in more tax dollars from marijuana than alcohol for the first time last quarter, according to the state Department of Revenue. For example, Alaska marijuana tax revenue included the following taxation: bud and flower ($50. Tax rates Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. 15% excise tax (levied on wholesale at average market rate); Jan 10, 2023 · In Illinois, which legalized adult-use marijuana in 2019, out-of-state residents account for 30% of recreational marijuana sales, according to state filings. Dec 8, 2021 · Marijuana News Politics. 8 million in tax revenue, the state collected about $34. SPRINGFIELD IL 62702. S. Aug 19, 2020 · Rhode Island (H 7593): Legalizes recreational marijuana and regulates its use. DENVER, Colo. 9 cents per milligram of THC. Potency-based taxation is ideal. 5 billion annually for all states. 75 cents per milligram of THC, and for all other products the tax is 0. By the numbers: Illinois reached $1. 1 million in year 1, $47. Revenue in the Marijuana Tax Cash Fund is required to be used for health care, health education, substance abuse prevention and treatment programs, and law enforcement. Cannabis business development fund fee: 3% of total sales between June 1, 2018 to June 1, 2019 or $100,000, whichever is less. Posted by u/daveyboy1201 - 617 votes and 55 comments The taxes should be flipped … when there’s a liquor store on every corner. The Cannabis Regulation and Tax Act provides for the controlled legalization of adult use cannabis in Illinois beginning January 1, 2020. May 18, 2021 · from marijuana taxes, the county gained $12,903 in marijuana taxes for the 10-month period. Sales in the state have risen from just more than $400 million in fiscal 2020 to more than $1. That’s a 34 percent increase compared to revenue that states received from cannabis sales in 2020. Jan 11, 2024 · Sales taxes collected from recreational marijuana purchases in 2023 were down nearly 4% from the previous years, Illinois Department of Revenue records show. And 60 percent of tax revenue the state generates would be earmarked for a community reinvestment grant fund. If you have comments, suggestions or more detailed inquiries for the Department of Financial and Professional Regulation, please direct them to: FPR. That’s a 5% increase from licensed adult-use Jul 25, 2022 · Illinois sees record increase in tax revenue from cannabis sales Chronicle Media — July 25, 2022 Gov. Moreover, Illinois has been reporting record-breaking cannabis sales for months now. The state also reported that pot sales to Illinois residents hit a record high, at more than $1. Ben Adlin. There is a 20% tax on recreational marijuana. Local governments can levy a 3 percent retail tax on cannabis sales. May 10, 2019 · May 10, 2019 01:53 PM. 1, but towns and counties will have to wait six months to get their first taste of revenue under a proposed municipal cannabis tax. Contact our call center at 1-800-560-6420 if you have questions. 101 W JEFFERSON. J. The report […] Cannabis Forms. 14 gave its blessings to S. State taxes are set at 4% for medical marijuana and 20% for adult-use sales. Illinois taxes legal cannabis with some of the highest Mar 21, 2023 · GREEN BAY, Wis. Program Information. In addition to these scalable tax rates, the state’s regular 6. 1557 , a fix-it bill adjusting the law ( H. Statutory Reference. Cannabis Dispensary Tax. May 7, 2021 · Illinois Marijuana Tax Revenue Outpaces Liquor Amid Record Sales - Evanston, IL - Recreational cannabis consumers have coughed up $22 million more into state coffers than have alcohol purchasers Mar 7, 2024 · By the numbers: Illinois reached $1. ” – (Internal Revenue Service; Publication 502 Cat. EMAIL: rev. Non-refundable application fee: $30,000. “From day one, my administration has put equity first to build the most accessible cannabis industry in the nation,” Gov. localtax@illinois. Here is the summary: DateMarijuana Tax and Fee RevenueJune 2022$27,714,2342022 Calendar Year Total$172,257,053To Jul 25, 2019 · You can’t include in medical expenses amounts you pay for controlled substances (such as marijuana, laetrile, etc. May 2, 2024 · How does Illinois spend marijuana tax revenue? 35% to the general fund. 625 cents per milligram of THC, for edibles the tax is 2. 37% of that figure. Despite a surge of demand for License 1. 75% retail tax, depending on the product’s potency Revenue distribution For information on how to claim a refund for marijuana taxes, visit the File the Sellers Claim for Refund web page. The state emphasized that 25 percent of the tax revenue will go toward a community reinvestment program designed to support […] In Fiscal Year 2023, the Illinois Department of Financial and Professional Regulation (“IDFPR”) worked diligently to open as many social equity dispensaries as possible, while also creating opportunities for new licensees to enter the market. “Frankly I’m kind of tired of talking to the governor from Fee revenue comes from marijuana license and application fees. 16% excise tax (retail price) Calif. 6 million appropriation to create the New Leaf initiative, with $1. Appendix 2 shows tax revenue estimates for both the metro and the nonmetro counties. The range consumers will pay at the register — which does not include the 7% tax levied at wholesale — will be between 19. (B 629): Creates D. 00), and clones ($1. In spite of the coronavirus pandemic, Illinois has seen record-breaking marijuana sales month-over-month, contributing to the significant tax revenue that’s being used to fund local […] DENVER, Colo. Sales to Illinois re… Aug 14, 2020 · The tax rate differs from state to state and city to city, usually it’s between 4 percent and 17 percent. In 2012, its citizens voted Yes on Amendment 64, which stated that “The use of marijuana should be legal for persons twenty-one years of age or older and taxed in a manner similar to alcohol. By. The Illinois Department of Revenue projects the State will collect $57 million in FY2020 from cannabis taxes and licensing fees and $140. 6 billion in sales last year, while selling over 42 million products at dispensaries. 88 in fiscal year 2022. 6 billion worth of recreational marijuana in 2023, the latest record year for the state’s budding industry. Total sales of marijuana in Illinois reached nearly $135 million in March, with $101 million coming from Illinoisans and nearly $34 million from out-of-state residents. (WTVO) — Illinois made $562 million in taxes from marijuana sales in 2022, according to the Marijuana Policy Project. Jan 20, 2022 · There was a 30% growth in sales, compared to 2019, and the total revenue in the first six months reached $820,000. 25% sales tax rate also applies, along with local taxes of up to 3. Id. (Last year, the state took in $2. For additional information about Cannabis Taxes, see the Cannabis Tax information page. Summary and Conclusion This paper estimates marijuana tax revenues for Illinois counties for the period July 1, 2020 to April 30, 2021. mature flowers; $25/oz. 10. 00 : Total sales price for the package of adult use cannabis infused product. According to Leslie Corbett, IEJF executive director, the organization received a $1. 217 785-6527 FAX. Sep 9, 2021 · Illinois | Estimated state sales tax revenue from adult-use cannabis in 2020: $174,884,334 – Tax rates: 7% wholesale; 10%-25% retail; 6. April 15, 2021. 79 : Amount of Medical Cannabis Privilege Tax due on the package of cannabis infused product. Jan 25, 2024 · Recreational marijuana sales generated $417. Nov 28, 2019 · When recreational marijuana becomes legal, the City of Evanston plans to take the expected green revenue and divert 100 percent of the tax money to "a separate fund in a City account for local State taxes are set by the Montana Legislature while local-option taxes are optionally enacted by counties. For example, the rate in Oregon is 17% while the medical marijuana sales tax in Montana is 4%. Where can I find out more information about the total amount of Nov 15, 2019 · Illinois will allow sales of recreational marijuana starting Jan. 15002Q Medical and Dental Expenses (Including the Health Coverage Tax Credit). Medical cannabis users are exempt from the excise tax. Tony Evers (D), whose proposed state budget includes provisions to legalize both medical and adult-use marijuana, says he’s sick of seeing tax revenue from cannabis sales go to neighboring states that have already legalized. $25. Gov. Combined with almost $300 million in Dec 4, 2023 · New dispensaries are crucial to the continued growth of the legal marijuana business, which provided $452 million in tax revenue to the state in the fiscal year ended June 30. Pritzker (D) said in a press release announcing the fiscal data on Thursday. Bryce Hill of the Illinois Policy Institute said no matter where people live in the state, the taxes will be high. 25% tax will apply to any product with a THC concentration higher than 35%. 55% to 34. - July 12, 2022 - The Colorado Department of Revenue (CDOR) released May 2022 marijuana sales figures and June 2022 marijuana tax and fee revenue figures. 59% to the State Public School Fund. immature flowers; $15/oz. Illinois is in its fourth year of legal cannabis, and it’s meant millions in revenue for the state. Nov 8, 2022 · State Recreational Marijuana Taxes (State Excise Tax Rates on Recreational Marijuana), as of November 9, 2022; State Tax Rate; Alaska : $50/oz. 25% standard sales tax – Year legal status approved 71. Nov 3, 2023 · The bill would impose a 15 percent excise tax on marijuana producers for the wholesale transfer of cannabis, and a 10 percent tax on retailers and lounges for the sale of marijuana. 2016-2025; Topics Mar 5, 2023 · Illinois currently has 113 dispensaries for 12 million people while Missouri has 196 for about 6 million people. In total, the past half-year saw more than $239 million in cannabis sales. Recreational customers have a 6% state tax with an option for municipalities to add a 3% local sales tax. trim; $1. 56% to the General Fund; and. States collected nearly $3 billion in marijuana revenues in 2022. According to Governor JB Pritzker May 4, 2023 · SPRINGFIELD, Ill. § If imposed, the tax shall be imposed in 0. The Illinois Economic Policy Institute estimates cannabis taxes will produce $500 million in total revenue. Medical Cannabis Cultivation Privilege Tax. FIRST TO GET PAID For cannabis plant material the tax is 0. 2 billion, so marijuana makes up 1. ” Jan 11, 2024 · Illinois pot shops sold more than $1. The Illinois Department of Revenue has issued an addendum to the 2023 Form IL-1065 Instructions and released new versions of the 2023 Form IL-1065 Instructions, 2023 Form IL-1065-X Instructions, and Schedule K-1-P (4) Instructions. 4 million of tax revenue from cannabis sales for the quarter. 7 million in fiscal year 2021 to $445. Pritzker’s budget estimates. 5 million from taxes alone in FY2021, which starts July 1, 2020. To date, IDFPR has issued social equity 48 May 19, 2020 · Illinois is putting its marijuana money where its mouth is, announcing on Tuesday that $31. MAINE MEDICAL MARIJUANA TAX REVENUE (FISCAL YEAR) 2018 N/A $2,444,918 2019 N/A $2,597,338 2020 $1,156,878 Apr 18, 2023 · Illinois: 7% excise tax of value at wholesale level; 10% tax on cannabis flower or products with less than 35% THC; 20% tax on products infused with cannabis, such as edible products; 25% tax on any product with a THC concentration higher than 35%: Maine: 10% excise tax (retail price); $335/lb. Washington D. The General Assembly Nov. Apr 22, 2023 · Illinois Politics. 70. Apr 20, 2024 · Washington brought in $113. The law requires growers/processors to pay a 5 percent excise tax on the gross receipts from the sale of medical marijuana to the dispensary. License 2. 7 million in cannabis excise taxes and $18 million in sales taxes, according to a news release from Pritzker’s office. 6%state excise tax and 2-3% optional local tax. ) Sep 18, 2020 · Michigan currently has a 10% excise tax in addition to a 6% sales tax. 3. Illinois is the only state that has a tax on marijuana based on the percentage of THC in the bud. That amounted to over $400 million in tax revenue for recreational marijuana. Feb 13, 2020 · In this post we will look at how those cannabis tax revenues will be spent by the State of Illinois and compare those priorities to other states. Products with a TCH content of 35% or less are taxed at 10% of the retail price and those with more than 35% are taxed at May 30, 2023 · California is the only state with a higher tax rate on cannabis than Illinois, while Michigan employs a much less aggressive 10% tax rate on legalized cannabis purchases. 20% tax will apply to products infused with cannabis, such as edible products. Dec 14, 2023 · The revenue potential from cannabis is substantial. Illinois taxes legal cannabis with some of the highest X . Edit: I love the downvotes for pointing out the highly regulated and highly taxed weed business framework while 40 % of our society deals with alcohol abuse / alcoholism in some form but folks think that it shouldn’t be taxed at at least the same level as weed. The state coll… PERC LICENSEES: The deadline to renew your license without a late fee has been extended to July 31, 2024. It provides […] The Medical Marijuana Program, authorized by Act 16 of 2016, establishes a program for the use of medical marijuana in Pennsylvania by patients with serious medical conditions. - June 10, 2022 - The Colorado Department of Revenue (CDOR) released April 2022 marijuana sales figures and May 2022 marijuana tax and fee revenue figures. Mar 6, 2020 · Tax collections on legal pot are forecast to jump from $34 million in 2020 to $375. Jan 11, 2024 · Illinois set another record for recreational cannabis sales in 2023, with more than $1. Apr 20, 2022 · Two years after recreational marijuana legalization, customers are pleased and Illinois is raking in tax revenue. The city of Evanston, IL, has committed to Apr 20, 2022 · A study commissioned by Illinois lawmakers pushing marijuana legalization in 2019 estimated it could produce $440 million to $676 million in annual tax revenue. 07 : Medical Cannabis Privilege Tax rate (7%) $0. The state reported $10 million in cannabis tax revenue for the month of January, Gov. 2 billion, which is up 15% from the previous year. (WBAY) - The state of Illinois made $445 million dollars in tax revenue last year from legal marijuana sales and a portion of it came from the pockets of Wisconsinites. ” Mar 3, 2021 · Janessa Bailey Published on March 3, 2021. 25% and additional local taxes could apply; Tax Revenue Generated: Illinois brought in $317 million in cannabis tax revenue in the 2021 fiscal year. Adding new operators May 10, 2023 · Marijuana tax revenue growth in the United States 2018-2019, by state Illinois' cannabis sales value forecast U. This includes sales for solid marijuana infused edibles, liquid marijuana infused edibles, marijuana extract, marijuana topicals, usable marijuana, 3 days ago · Colorado Marijuana Tax Revenue. Wisconsin still bans the drug in most forms, but the legislature continues to flirt with legalizing medical marijuana. The addendum highlights updated general filing instructions for investment partnerships who are required to Sep 29, 2022 · As seen in the cover chart, Illinois’ cannabis purchaser excise tax collected $435,105,007. “Based on Michigan and Illinois marijuana sales, and adjusting for population and prevalence between the states, the retail tax would result in additional excise tax revenues of $19. Illinois collected $19. 217 785-6518. Monthly Sales Figures Below (also available on Cannabis Sales Figures: Wholesale Sales - Tableau Server (illinois. To file for a refund, please complete and submit the Claim for Refund, DR 0137, through Revenue Online or see the Forms in Number Order page for the paper form. In 2022, in tax revenue alone, Michigan made almost $330 million dollars in legal cannabis and Illinois took in over $560 million. 5%. The bill also imposes a 10% excise tax on marijuana retailers. You may contact LTAD through your MyLocalTax account or by using the contact information below. Sep 26, 2021 · Illinois passed legalization in 2019, and the estimated state sales tax revenue from adult-use cannabis in 2020 was $174,884,334. Legal sales began in January 2023. 6 billion in sales — but sales to out-of-state residents showed a significant drop. 00 per ounce), trim ($15. | Photo courtesy of Illinois Policy. 85% to the Marijuana Tax Cash Fund; 15. Cannabis business development fund fee: $200,000. 7 billion in tax revenue from recreational cannabis sales in 2021, a report from the Marijuana Policy Project (MPP) that was released on Wednesday found. 25 from the cannabis purchaser Apr 4, 2022 · Retail excise taxes: 10% on marijuana with THC level of 35% or less; 20% on cannabis-infused products; 25% on marijuana with THC above 35%; Sales tax: Statewide 6. trim, $1 per clone: Ariz. For the past three years, Illinois has totaled $778,428,135. While Illinois’ taxes are based on potency, Missouri has a flat 4% state tax for medical cardholders. That was nearly a 60% increase from 2021 totals of $293,862,839. 3 million in year 2 and $64. 25% Jul 14, 2020 · Illinois generated $52 million in tax revenue from marijuana sales in the first six months since implementation, the governor announced on Tuesday. Evanston, Illinois, becomes the first US city to use marijuana taxes to restore the Black community. LOCAL TAX ALLOCATION DIVISION (3-500) ILLINOIS DEPARTMENT OF REVENUE. Total revenue in the Cannabis Regulation Fund for FY22 is $276,240,102. 4 million from medical marijuana. Pritzker (D) signed last year, a Restore, Reinvest, and Renew (R3) program was established. Illinois’ weed tax windfall tops $560 million. B. 25% sales tax rate also applies, along with local Feb 25, 2020 · Recreational marijuana sales in Illinois generated more than $10 million in tax revenue in January, putting the state on track to surpass Gov. 5 million in 2024, according to the Illinois Department of Revenue. Apr 14, 2021 · Marijuana tax revenue amounted to $86,537,000 in the last quarter versus $72,281,000 from alcohol sales. Apr 6, 2022 · States that have legalized marijuana for adult use collectively generated more than $3. Adult Use Cannabis Cultivation Privilege Tax. 29 in sales taxes in the first month of legal recreational weed. 00), which resulted in $24,5 million in total tax revenue. 9 million in year 3. It is made up of a 7% sales tax, 10% cannabis tax, and a 3% tax by the municipality where the marijuana is sold. Local-option tax rates are set by the county up to a maximum of 3% on medical, adult-use, or both. The state collected more than $417 10% tax will apply to cannabis flower or products with less than 35% THC. 1438 ) passed in June making Illinois the 11th Mar 10, 2020 · That number is based off revenue from steep taxes on legal sales. How it's used: with total revenue for the fiscal year 2023 equating to $456 million compared to $316 million for liquor sales. Michigan, which has a lower tax rate and pot prices but higher overall sales than May 4, 2023 · SPRINGFIELD, Ill. 00 per ounce), immature bud ($25. These taxes are in addition to the state taxes. 07 : Cannabis Cultivation Privilege (Adult Use) Tax rate (7%) Jan 9, 2020 · Illinois slaps a 10% tax on products containing less than 35% THC (the psychoactive substance in cannabis), a 20% tax on cannabis-infused edible products and a 25% tax on products with more than Oct 14, 2020 · The state collected about $106 million in adult-use cannabis taxes through September. Adult Use Sales account for approximately 80% of total sales revenue for Cannabis in IL. In states like California and Maryland, medical patients can avoid this tax with a valid medical marijuana identification card (MMID). Feb 24, 2020 · The Illinois Department of Revenue said adult-use pot sales created $7,332,058 in cannabis taxes and $3,147,928. The state’s collections since early 2020 now outpace that raised from booze sales. X . cv ci aa ft di cx kc mi bu li