Katelyn Baker
Well-Known Member
Statewide marijuana sales tax receipts grew at a faster pace in August and September than the previous two months, and the state has collected $40.2 million this year, the Oregon Department of Revenue reported Monday.
With a 25 percent sales tax rate on recreational pot in effect through Sept. 30, the tax collections represent an estimated $160.8 million in sales. Oregon does not charge sales tax on medical marijuana.
The latest tax collections are up $14.7 million, or 58 percent, since July 31.
The pace of sales increased in that time frame, as edibles and extracts became legal in June, the state's figures show. Collections in the two-month period represent a monthly average of $7.35 million, which is 39 percent higher than the previous monthly average, $5.3 million.
The growth in sales and tax collections seems to have come from concentrates and extracts, which are used in e-cigarette or vaping pens and for cooking, Joy Krawczyk, a Department of Revenue spokeswoman, said Monday.
Consumers will notice a lower tax rate on their receipts if they buy marijuana from a retail outlet. Licensed retailers, which started selling Oct. 1, charge 17 percent. Dispensaries, which had a head start on recreational pot, must continue to charge 25 percent until the end of the year.
While the state's sales-tax rate will drop to 17 percent Jan. 1, local governments may impose their own sales tax. Bend voters will see a Nov. 8 ballot measure proposing a 3 percent sales tax.
News Moderator: Katelyn Baker 420 MAGAZINE ®
Full Article: Pot Sales Tax Revenue Grows Again
Author: Kathleen McLaughlin
Contact: 541-382-1811
Photo Credit: None Found
Website: The Bulletin
With a 25 percent sales tax rate on recreational pot in effect through Sept. 30, the tax collections represent an estimated $160.8 million in sales. Oregon does not charge sales tax on medical marijuana.
The latest tax collections are up $14.7 million, or 58 percent, since July 31.
The pace of sales increased in that time frame, as edibles and extracts became legal in June, the state's figures show. Collections in the two-month period represent a monthly average of $7.35 million, which is 39 percent higher than the previous monthly average, $5.3 million.
The growth in sales and tax collections seems to have come from concentrates and extracts, which are used in e-cigarette or vaping pens and for cooking, Joy Krawczyk, a Department of Revenue spokeswoman, said Monday.
Consumers will notice a lower tax rate on their receipts if they buy marijuana from a retail outlet. Licensed retailers, which started selling Oct. 1, charge 17 percent. Dispensaries, which had a head start on recreational pot, must continue to charge 25 percent until the end of the year.
While the state's sales-tax rate will drop to 17 percent Jan. 1, local governments may impose their own sales tax. Bend voters will see a Nov. 8 ballot measure proposing a 3 percent sales tax.
News Moderator: Katelyn Baker 420 MAGAZINE ®
Full Article: Pot Sales Tax Revenue Grows Again
Author: Kathleen McLaughlin
Contact: 541-382-1811
Photo Credit: None Found
Website: The Bulletin
