Posted by: thepinetree on 02/19/2019 01:32 PM
Updated by: thepinetree on 02/19/2019 01:32 PM
Expires: 01/01/2024 12:00 AM
:
California Department of Tax and Fee Administration Reports $103.3 Million Cannabis Tax Revenues in Fourth Quarter
Sacramento, CA...The California Department of Tax and Fee Administration (CDTFA) reported revenue numbers today for cannabis sales for the 4th quarter of 2018. Tax revenue reported by the cannabis industry totaled $103.3 million for 4th quarter returns due by January 31, 2019, which includes state cultivation, excise, and sales taxes. It does not include tax revenue collected by each jurisdiction.
As of February 14, 2019, California’s cannabis excise tax generated $50.8 million in revenue reported on 4th quarter returns due by January 31, 2019. The cultivation tax generated $16.4 million and the sales tax generated $36.1 million in reported revenue. Retail sales of medicinal cannabis and medicinal cannabis products are exempt from sales and use taxes if the purchaser provides a valid Medical Marijuana Identification card and valid government-issued identification card.
Previously reported revenue for 3rd quarter returns was revised to $100.8 million, which included $53.3 million in excise tax, $12.6 million in cultivation tax, and $34.9 million in sales tax.
Revisions to quarterly data are the result of amended and late returns, and other tax return adjustments.
In November 2016, California voters approved Proposition 64, the Control, Regulate, and Tax Adult Use of Marijuana Act. Beginning on January 1, 2018, two new cannabis taxes went into effect: a cultivation tax on all harvested cannabis that enters the commercial market and a 15 percent excise tax upon purchasers of cannabis and cannabis products. In addition, retail sales of cannabis and cannabis products are subject to state and local sales tax.
To learn more, visit the Tax Guide for Cannabis Businesses on the CDTFA website.
* * * * *
Note: This news release may discuss complex tax laws and concepts. It may not address every situation, and is not considered written advice under the relevant Revenue and Taxation Code section for the tax or fee program listed above. Changes in law or regulations may have occurred since the time this news release was written. If there is a conflict between the text of this news release and the law, decisions will be based upon the law and not this news release. For specific help, please contact the CDTFA at 1-800-400-7115.
|
