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US (CA): "Cutting cannabis taxes will cost city, but can save the industry"

Long Beach may look at lowering taxes on some cannabis businesses, but how big the cuts end up being will have a big impact on the city’s annual budget, which is projected to receive about $12 million in taxes from the industry.

The City Council’s Budget Oversight Committee heard potential options for lowering the tax rates in the city, which are currently 8% for adult use sales and 6% for medicinal sales, and $13.41 per square foot of cultivation.

City staff laid out options Tuesday for the committee to consider, including eliminating some taxes completely, which would create a large hole in the budget; the city has depended on this revenue since cannabis sales fully came online.

This year’s budget proposes using cannabis tax revenue to fund things like a new REACH Team and other homeless services, including encampment cleanups. It also calls for about $2.2 million to pay for code enforcement, fire inspections, and city management salaries.

To read the complete article, go to www.lbpost.com

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