NYS Senate Approves Marijuana Regulation and Taxation Act
On Tuesday afternoon the New York State Senate passed the Marijuana Regulation and Taxation Act by a vote of 40-23. 40 Democratic Senators voted for the bill, 3 Democratic Senators along with all 20 Republican Senators voted against the bill.
The bill allows legalizing recreational marijuana use for adults. Under the bill, marijuana would be subject to a sales tax of 13 percent, combining a state tax of 9 percent and a local tax of 4 percent. Of the 9 percent sale tax, 40 percent would go to education, 20 percent would go to anti-addiction efforts, and 40 percent would go to communities of color most affected by the war on drugs.
With the passing of the bill, it is expected to raise $350 million annually to the state revenue. It will expunge records for marijuana-related offenses and reinvest money back into communities that have been affected by drugs.
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