California Senator Introduces Bill to Create Tax Credit for Cannabis Dispensaries

California Senator Introduces Bill to Create Tax Credit for Cannabis Dispensaries
Cannabtimes

<![CDATA[California Sen. Scott Wiener has introduced legislation to help the state’s struggling cannabis industry, which has been burdened by high taxes that have resulted in commercial prices that cannot compete with the state’s still-thriving illicit market.RELATED: ‘Surviving is Thriving’ in California’s Cannabis MarketSenate Bill 1336 establishes a carryforward tax credit for licensed cannabis dispensaries equal to the amount of the following business expenses, according to an announcement from Wiener’s office:Employment compensation,Safety-related equipment and services, andEmployee workforce development and safety trainingSponsored by the United Food and Commercial Workers (UFCW) Western States Council, S.B. 1336 “recognizes the difficulties that commercial cannabis retailers face, and provides a hand to a unique and important part of California’s economy,” according to Wiener’s announcement.”UFCW members were the leading force behind the push for Proposition 64 in 2016 because we knew that a legal cannabis industry in California would provide workers with high road jobs that provided living wages, good benefits and an opportunity to save for their future,” Amber Baur, executive director for the UFCW Western States Council, said in a public statement. “S.B. 1336 aligns with that long-held vision by ensuring legal cannabis employers invest in their workers and provide safety for consumers and communities. We are proud to sponsor S.B. 1336 because we know California can continue to lead the nation’s cannabis industry into the future and support struggling businesses.”RELATED: California’s Small Cannabis Farmers Launch Direct-to-Consumer Sales Platform Inspired by Industry StrugglesProp. 64, the measure that California’s voters approved in 2016 to legalize adult-use cannabis, levied a cultivation tax and an excise tax on the state’s commercial cannabis market. The taxes have generated $1.75 billion in revenue for the state between January 2018, when commercial adult-use sales launched, and August 2021, according to the announcement. The taxes have also increased the prices of legal…

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Source : California Senator Introduces Bill to Create Tax Credit for Cannabis Dispensaries

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