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He also was a primary sponsor of New Jersey S. 119, the Compassionate Use Medical Marijuana Act, which he introduced in January 2005, five years before it was enacted. [5] After "stalling" the bill was revived when legislators and the governor agreed to set a tax rate of $42.00 an ounce vice a percentage of the sale price.
A report by New Jersey United for Marijuana Reform and New Jersey Policy Perspective, issued in 2016, concluded that if New Jersey legalized marijuana, it could generate about $300 million annually in sales tax revenue for the state. (The report assumed a sales tax of 25% and annual in-state marijuana sales of $1.2 billion.) [9]
The tax table below will show in detail the New Jersey state income tax rates by income tax bracket(s). There are 6 income tax brackets for New Jersey. Tax brackets for individuals are provided below: For earnings between $1 and $20,000, the tax rate on every dollar of income earned is 1.4%.
Marijuana has come a long way from its status as an illicit substance to now being recognized for its medical and recreational purposes in many states. Nine states have fully legalized it, and more...
Colorado legalized pot in 2012, and in 2021 the state raked in more than $400 million in tax revenue — with that money going to public schools, health care, and substance abuse prevention and ...
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Under current law, medical marijuana patients are allowed to access up to three ounces of marijuana from state-approved and regulated dispensaries every 30 days. [9] Prior to the passage of the Jake Honig Compassionate Use Medical Cannabis Act, medical marijuana was legal in New Jersey under the Medicinal Marijuana Program (MMP).
NJ legal weed: Find your nearest dispensary for recreational, medical marijuana If drivers test positive to 3 nanograms or more of THC — the cannabis component that gets people high — they ...