Advertisement

Backers Say Legalizing Pot Would Bring Millions to Michigan

A group that's backing a Michigan referendum to legalize marijuana says legalization would bring hundreds of millions of dollars in tax revenue to the state. A group that's backing a Michigan referendum to legalize marijuana says legalization would bring hundreds of millions of dollars in tax revenue to the state. |  Photo: WDIO-TV file

Created: October 01, 2018 05:33 PM

LANSING, Mich. (AP) - Organizers of a Michigan ballot initiative to legalize marijuana for recreational use say it would generate up to $134 million a year in taxes for state and local governments.

Advertisement – Content Continues Below

The Coalition to Regulate Marijuana Like Alcohol released the projection Monday in an economic study it commissioned.

The report estimates combined revenue from a 10 percent excise tax on retail sales and the 6 percent sales tax at $520 million in the first five years of implementation, including $134 million in 2023.

Proposal 1 spokesman Josh Hovey says the taxes would help underfunded roads, schools and local governments.

A group opposing the measure, Healthy and Productive Michigan, says the study does not factor in costs for state regulatory oversight and higher auto insurance rates due to more instances of drugged driving.

Copyright 2018 The Associated Press. All rights reserved.

Advertisement
Advertisement
Relay Media Amp

Around 50 Tombstones Desecrated at Fort Frances, Ontario Cemetery

Community Members Partake in Out of the Darkness Walk for Suicide Awareness

One Injured in Two Vehicle Crash near Pine City

No Mega Millions Winner, Jackpot Climbs to $1.6 Billion

Authorities Respond to Duplex Structure Fire in Superior

Walker, Evers, Discuss Transportation and More at Gubernatorial Debate

Advertisement