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Agreement reached on marijuana legalization in New York: How will it be taxed? Where will the money go?

A vote is expected next week on marijuana legalization- legislative leaders announced in Albany over the weekend.

Governor Andrew Cuomo, Senate Majority Leader Andrea Stewart-Cousins, Senate Finance Committee Chair Liz Krueger, and Assembly Speaker Carl Heastie announced Saturday that a deal on legislation to legalize, tax, and regulate recreational marijuana had been reached.

The bill was introduced, and will be voted on next week.

Finger Lakes Partners (Billboard)

Lawmakers say the bill will expand existing medical marijuana programs, establish a licensing system, and create equity programs aiding those largely impacted by drug enforcement tactics by law enforcement.

There will be a 9% state tax imposed on marijuana, and 4% local split, which will be shared by counties, cities, towns, and villages.

It’s exepcted that 40% of the revenue will be reinvested into communities impacted by those policing tactics. Another 40% will go to schools and public education. Then finally, 20% will go to drug treatment, prevention, and education efforts across the state.



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