NEW BRUNSWICK – A month after endorsing applications for recreational marijuana businesses, the city is now looking to set tax rates for those businesses.
City Council members last week introduced an ordinance setting tax rates at 1 percent for wholesalers and 2 percent for other cannabis classes.
The ordinance is scheduled to come for a public hearing and final vote at the City Council’s 5:30 p.m. meeting on April 6 at City Hall, 78 Bayard St., New Brunswick.
Under the ordinance, cannabis cultivators, manufacturers and retailers will be taxed at 2 percent of the receipts from each sale and cannabis wholesalers will be taxed at one percent of the receipts from each sale, according to a public notice.
The ordinance also sets a 2 percent user tax on the value of each transfer or use of cannabis or cannabis items not otherwise subject to the transfer tax imposed on the license holder’s establishment that is located in the city to any of the other license holder’s establishments, whether in New Brunswick or another municipality, the public notice states.
EARLIER:New Brunswick endorses first eight marijuana businesses
The ordinance also states the transfer tax or user tax will be collected or paid and remitted to the municipality by the cannabis establishment from the cannabis establishment purchasing or receiving the cannabis item, or from the customer at the point of sale, on behalf of the municipality by the cannabis establishment selling or transferring the cannabis item.
The…
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NEW BRUNSWICK – A month after endorsing applications for recreational marijuana businesses, the city is now looking to set tax rates for those businesses.
City Council members last week introduced an ordinance setting tax rates at 1 percent for wholesalers and 2 percent for other cannabis classes.
The ordinance is scheduled to come for a public hearing and final vote at the City Council’s 5:30 p.m. meeting on April 6 at City Hall, 78 Bayard St., New Brunswick.
Under the ordinance, cannabis cultivators, manufacturers and retailers will be taxed at 2 percent of the receipts from each sale and cannabis wholesalers will be taxed at one percent of the receipts from each sale, according to a public notice.
The ordinance also sets a 2 percent user tax on the value of each transfer or use of cannabis or cannabis items not otherwise subject to the transfer tax imposed on the license holder’s establishment that is located in the city to any of the other license holder’s establishments, whether in New Brunswick or another municipality, the public notice states.
EARLIER:New Brunswick endorses first eight marijuana businesses
The ordinance also states the transfer tax or user tax will be collected or paid and remitted to the municipality by the cannabis establishment from the cannabis establishment purchasing or receiving the cannabis item, or from the customer at the point of sale, on behalf of the municipality by the cannabis establishment selling or transferring the cannabis item.
The…
