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

Superior Councilors Close Kestrel Chapter, Make MLK City Holiday

'It was an inferno' Globe Elevator Owner Describes Devastating Fire

Duluth City Council Denies Re-Zoning Attempt in Kenwood Neighborhood

New Year's Eve Ride Free Campaign Offers Worry-Free Transportation during Holiday

Waupaca Foundry to Add 61 Jobs in Ironwood

Accolades for Retiring Auditor Don Dicklich

Advertisement