Vermont Panel to Propose 26% Tax Rate on Cannabis Sales
MONTPELIER, Vt. (AP) — A Vermont panel plans to propose a 26 percent tax rate on marijuana sales.
The Subcommittee on Taxation and Regulation will present their 90-page report to Gov. Phil Scott’s Marijuana Advisory Commission next month. Under the plan, Vermont would adopt a 26 to 27 percent tax rate on cannabis sales. The rate includes a 20 percent cannabis retail excise tax, 6 percent state sales tax and 1 percent local option tax.
Officials say prices for legal cannabis should be competitive with prices in the illicit market. According to the report, other states that legalized recreational cannabis saw increases in state revenue, despite falling prices.
Leaders plans to hold public feedback meetings before it submits its recommendations to Scott.