Group: $134M in marijuana taxes if ballot measure passes
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.
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.