| | Advanced Search

 

Artist Tory Fair to Speak At Worcester Art Museum—Contemporary artist Tory Fair will discuss her work,…

Patriots Roster Projections 2.0—Who makes the cut? Who gets cut? Find…

Old Sturbridge Village to Offer Free Admission to Kids on Labor Day Weekend—Old Sturbridge Village will host their annual "Family…

Worcester to Declare August 21 as American Antiquarian Society Day—City officials and American Antiquarian Society staff will…

Organize + Energize: 10 Ways to Make Your Mornings Easier—How many of you rush around in the…

Dear John: Does He Have a Secret Life?—She found lipstick in his car.....

Smart Benefits: New IRS Publication Tells Individuals if They’ll Pay an ACA Penalty at Tax Time—The Internal Revenue Service recently issued a publication…

5 Books to Help You Survive the College Admissions Process—When you walk into the college section of…

Comic Robin Williams’ Death Puts Spotlight on Depression, Suicide—Last Monday evening, millions of Americans were shocked…

Revolution Fight To Home Draw Following Bye Week—The New England Revolution welcomed the Portland Timbers…

 
 

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. 

Prev Next

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%

Prev Next

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%

Prev Next

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%

Prev Next

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%

Prev Next

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%

Prev Next

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%

 
 

Related Articles

 

Enjoy this post? Share it with others.

You Must be Logged In to Comment

Tracker Pixel for Entry