New York, NY: The state of New York would gain an estimated $434 million annually in new tax revenue under a regulated adult use marijuana market, according to an analysis prepared by the New York City Comptroller’s office.
The report estimates the size of the statewide cannabis market to be $3.1 billion. “Our analysis shows that a 10% retail excise tax on marijuana sales, together with sales tax at the existing rate of 4%, would generate roughly $436 million in New York State tax revenue annually,” authors determined.
They further opine that legalization will yield social benefits and cost savings. “In addition to the potential budgetary savings [resulting from fewer arrests], there are human benefits to legalization such as reducing the damaging impact of a criminal record on future employment opportunities, access to housing, education and credit, the ability to obtain an occupational license, and many other areas of life,” they concluded.
Full text of the report, “Estimated Tax Revenues from Marijuana Legalization in New York,” is available online.
For more information, contact Justin Strekal, NORML Political Director, at (202) 483-5500.