Let's Talk Taxes specifically the 10% Excise Tax
Believe it or not, Michigan's Excise Marijuana Tax is comparatively lower than the other Recreation States. Washington taking the lead being the highest at 37%. Colorado has a 15% Excise Tax and a 15% Sales Tax. Nevada comes in with 15% Excise Tax and a 10% Sales Tax. Making Michigan actually among the lowest.
What exactly is this tax? The 10% Excise Marijuana Tax is imposed on all marijuana product transactions to qualifying Recreational Adult-use. To generate revenue for the community in which Provisioning Centers are located.
The Excise Marijuana Tax is actually very beneficial to the progressive economic growth in the Cities who have opted in for Recreational Adult-use.
According to LARA the taxes are dispersed to many different entities To the municipalities where Provisioning Centers are located will receive 15% of the total excise and sales tax.
Another 15% will go to the County in which the Provisioning Center is located.
The school aid fund in which the Provisioning Center is located will receive 35%.
Michigan Transportation will be dispersed 35% for the repair and maintenance of our roads and bridges. As we get ready to open for Recreational Use the excitement of watching the future growth of our City is indescribable. I have heard a lot of people say the tax is too high and the prices are too expensive. By comparison, it is fairly reasonable and will have a positive impact on our community.