Will County’s tax on leisure marijuana gross sales apparently yielded a little bit greater than $109,000 in its first month.
Members of the Will County Board Finance Committee acquired an replace on income numbers throughout its digital assembly on Thursday.
Will County Finance Director Karen Hennessy mentioned she was “pretty sure” the $109,000 was generated simply within the first month the tax went into impact. The county’s 3% tax on leisure marijuana gross sales in integrated municipalities didn’t go into impact till June, although leisure marijuana turned authorized on Jan. 1.
Hennessy mentioned she nonetheless wished to substantiate that was only a single month’s price of income, as a result of it’s considerably greater than what county officers have been anticipating. She mentioned in the course of the assembly that she wouldn’t anticipate the county receiving that a lot cash each month.
“It’s simply a lot more cash than we have been anticipating,” Hennessy mentioned after the assembly.
Regardless of the COVID-19 pandemic, leisure marijuana gross sales have been strong in Illinois in the course of the first 12 months the drug has been authorized to promote.
The income was additionally considerably greater than what the county has been receiving month-to-month from its share of state marijuana tax income. On common, Will County has acquired about $6,300 a month from the state, in keeping with county paperwork.
The state authorities taxes leisure marijuana gross sales at a variety of 10% to 25%, relying on the efficiency of the product. The state allotted 8% of that income to enter a Native Authorities Distributive Fund and from there the cash is distributed to all native governments based mostly on inhabitants, in keeping with the Illinois Division of Income.
County Board members have but to resolve on the way to spend the cash. The board voted to maintain the cash in a particular fund and has not but allotted it for any particular use.
The cash from the state tax can solely be used on crime prevention packages, coaching and interdiction efforts.
Board members have been debating on and off for months the way to spend the income from the county tax.
Rachel Ventura, D-Joliet, and different native activists have pushed a plan to contain Black residents assist resolve on how finest to spend the cash on Black communities, which she mentioned have been disproportionately damage by the struggle on medication.
Whereas a dialogue on use of the county funds was on the agenda for Thursday’s assembly, committee members selected to postpone the problem. The committee will not be scheduled to satisfy once more till after newly elected board members are sworn in early subsequent month.
The post Will County apparently yielded $109,000 in first month of marijuana tax revenue appeared first on Correct Success.
source https://correctsuccess.com/taxes/will-county-apparently-yielded-109000-in-first-month-of-marijuana-tax-revenue/
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