Joint Committee Of New Mexico Lawmakers Weighs Marijuana Legalization’s Economic Potential

Joint Committee Of New Mexico Lawmakers Weighs Marijuana Legalization’s Economic Potential

A joint panel of New Mexico House and Senate lawmakers met on Tuesday to discuss the economic impact of legalizing marijuana in the state. While the legislature is not currently in session, the joint Interim Revenue Stabilization & Tax Policy Committee heard from financial experts about revenue projections and potential tax structures for legal cannabis. They also took public testimony on the issue. Separate reports from the D.C.-based think tank Tax Foundation, O’Donnell Economics & Strategy and the Legislative Finance Committee on the potential fiscal implications of legalizing cannabis were distributed for the meeting. The Tax Foundation analysis found that New Mexico could ultimately bring in $68 million annually in excise tax revenue if the state followed Colorado’s model. For the first year in legal sales, the state stands to collect $25 million in total tax revenue, it determined. Last year, the firm O’Donnell Economics & Strategy released a report that projected New Mexico marijuana sales would reach $660 million within five years of implementation. It also states that “a robust, regulated market for adult use cannabis would support 11,838 new jobs and $541 million in additional income for New Mexicans.” Via O’Donnell Economics & Strategy. Finally, the panel looked at the Legislative Finance Committee’s analysis of a legalization bill that was introduced during the short session earlier this year. That legislation passed one Senate committee only to be rejected in another. Lawmakers also took testimony at the new hearing from Richard Anklam, executive director of the New Mexico Tax Research Institute,…

Excerpt only …
READ MORE BELOW
Source : MJ moment
Link to original : Joint Committee Of New Mexico Lawmakers Weighs Marijuana Legalization’s Economic Potential
reposted by Cannabis News World

This site uses Akismet to reduce spam. Learn how your comment data is processed.