Recreational marijuana could bring hundreds of millions of dollars in new tax revenue to the state by 2023, according to a new report from the Senate Fiscal Agency. The agency, which is nonpartisan, has “provided sound and unbiased assistance to the Senate and the residents of Michigan,” according to the website.
If voters pass Proposal 1 in November, the analysis found that by 2022-23, Michigan could get $287.9 million in new tax revenue. After taking out the loss from the medical marijuana excise tax, the total tax revenue for the state would be $262 million.
That combines the excise tax revenue and license fee revenue from the Marijuana Regulation Fund (182.3M) with the sales tax revenue ($105.6M).
The breakdown of the money distribution is below:
School Aid Fund: $140.2 million Michigan Transportation Fund: $62.8 million Counties: $26.9 million Municipalities: $26.9 million General Fund: $17.6 million Constitutional Revenue Sharing: $10.6 million Administration/Enforcement: $2.8