The Lengthy Seaside Put up
Lengthy Seaside hashish sellers and growers might get a tax break this yr after the Metropolis Council requested to draft an ordinance to decrease taxes for companies that meet hiring and compensation benchmarks and are updated with their present tax funds.
Presently, Lengthy Seaside expenses a 6% excise tax on the acquisition of medical hashish and eight% on grownup leisure gross sales. That is on high of the common metropolis gross sales tax of 10.25% and the state excise tax of 15%.
The taxes have contributed tens of millions of {dollars} a yr to town's basic fund because the retail business started working at capability a couple of years in the past, however distributors say they’ve undermined their capacity to compete with the illicit market.
Tuesday's vote superior a 1 proportion level minimize throughout the board for retailers with the chance to qualify for an extra 3 proportion factors in the event that they meet “good standing necessities.”
Growers may also obtain a tax break, with their sq. meter tax dropping from $14.96 to $13.09, the equal of a 1 proportion level minimize.
Any tax reduction must be handed on to prospects.
https://lbpost.com/information/long-beach-to-cut-cannabis-taxes-in-half-for-retailers-in-good-standing/
