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slides: See How Legalized Marijuana Would Impact New England State Budgets

Wednesday, March 12, 2014

 

Colorado recently reported that recreational marijuana sales in January 2014 raised $2 million in tax revenue for the state. 

Read the full article here

With many other states currently looking into marijuana legalization, GoLocal took the January data from Colorado and applied it to the six New England states to determine how significant--or insignifficant--the impact of marijuana tax revenue would be on state budgets.  This was done by comparing Colorado's population to each of the New England's states, and based on Colorado's sales and tax rates, to reach a theoretical amount.  

See the potential impact of recreational marijuana sales in the New England states in the slides below

 

Related Slideshow: Potential Revenue From Legalized Pot in NE States

Using Colorado as an example, GoLocal analyzed how much potential revenue each New England state could make--and how impactful that would be to the state budgets--by following the same path.

In Colorado, recreational marijuana sales are taxed through a 12.9 percent sales tax alond with a 15 percent excise tax. 

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Massachusetts

Potential Annual Tax Revenue: $30.74 Million

State Population: 6.646 Million (2012)

FY 2014 State Budget: $34 Billion

Revenue as % of Budget: 0.1%

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Connecticut

Potential Annual Tax Revenue: $16.61 Million

State Population: 3.590 Million (2012)

FY 2014 State Budget: $18.8 Billion ($37.6 Billion Biennial Budget for 2014-15)

Revenue as % of Budget: 0.1%

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Maine

Potential Annual Tax Revenue: $6.15 Million

State Population: 1.329 Million (2012)

FY 2014 State Budget: $3.15 Billion ($6.3 Billion Biennial Budget for 2014-15)

Revenue as % of Budget: 0.2%

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New Hampshire

Potential Annual Tax Revenue: $6.11 Million

State Population: 1.321 Million (2012)

FY 2014 State Budget: $5.35 Billion ($10.7 Billion Biennial Budget for 2014-15)

Revenue as % of Budget: 0.1%

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Rhode Island

Potential Annual Tax Revenue: $4.86 Million

State Population: 1.050 Million (2012)

FY 2014 State Budget: $8.2 Billion

Revenue as % of Budget: 0.05%

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Vermont

Potential Annual Tax Revenue: $2.90 Million

State Population: 626,011

FY 2014 State Budget: $2.22 Billion

Revenue as % of Budget: 0.1%

 
 

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