SB1289: Oklahoma’s Plan to Alter Medical Marijuana Tax
27 days ago
Proposed tax changes for medical marijuana fall flat in legislature
This article was written with the assistance of ai software*
What did SB1289 want to accomplish?
SB1289 wanted to change how taxes on medical marijuana are handled in Oklahoma.
Right now, the Oklahoma Tax Commission charges a fee to the Oklahoma Medical Marijuana Authority for collecting the 7% tax on medical marijuana sales. This bill would get rid of that fee and instead let the Tax Commission keep 1.5% of the tax money they collect to cover their costs.
The rest of the tax money, after taking out the 1.5%, would go into a special fund called the Medical Marijuana Tax Fund.
Who would have benefited from this law?
✔️Oklahoma Medical Marijuana Authority: They save money because they no longer have to pay the fee to the Tax Commission for collecting taxes.
✔️Tax Commission: They get to keep 1.5% of the tax money they collect, which helps cover their costs for handling the tax collection.
✔️Medical Marijuana Tax Fund: With more money going into this fund (since the Tax Commission is only taking 1.5% instead of a fee), there could be more funds available for programs related to medical marijuana.
✔️Oklahoma Residents: If the extra funds in the Medical Marijuana Tax Fund are used for public services or improvements, residents might see benefits from those programs.
What are some concerns people might have about this law?
Some of these may be reasons why the bill failed to pass:
⚠️Reduced Revenue for State Services: If the Tax Commission keeps 1.5% of the tax money, it might mean less money goes into the Medical Marijuana Tax Fund compared to if the fee had been charged. This could impact the amount available for programs funded by the Medical Marijuana Tax Fund.
⚠️Uncertain Impact on Tax Administration: The new setup might affect how well the Tax Commission can manage tax collections. If they’re not getting enough to cover their costs, it could lead to problems with tax collection efficiency.
⚠️Possible Budget Shortfall: The Medical Marijuana Tax Fund might not receive as much money as it could have if the Tax Commission’s fee had been kept, potentially affecting funding for important programs.
➡️Is this something that you think Oklahomans need? How would it have benefited the county you live in?
********************************************* Hi, I'm Judy! I love talking about the area I live in and what affects us. Follow me if you'd like more stories like this.
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