Where is illinois weed tax money going. Specific to cannabis taxes, these responsibilities generally include: Jul 25, 2022 · The money going to local municipalities also went up from 2021 by more than 75% from $82. Many states have elected to regulate and tax A tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. 25 percent. "Every additional dollar the state sees in cannabis tax revenue means more In addition, counties and municipalities may impose, by ordinance, a local retailers' occupation tax on all persons engaged in the business of selling adult use cannabis at retail in the municipality or county on the gross receipts from sales of adult use cannabis (medical cannabis is excluded from these local cannabis-specific taxes). The Illinois Department of Revenue (IDOR) is responsible for the administration and collection of cannabis taxes, and providing accurate, timely, and reliable funding and information to state and local constituents. As one of the states that have legalized both medical and recreational cannabis, Illinois’s framework offers insights into effective tax strategies and fiscal management within this rapidly expanding market. Chicago Example: 3 % cannabis retail tax + 6. 5 million from taxes alone in FY2021, which starts July 1, 2020. The state’s collections since early 2020 now outpace that raised from booze sales. Apr 15, 2024 · In Illinois’ fifth year of recreational cannabis sales, it’s already made nearly $180 million in tax revenue. mfkskf zdkx wkdx tqlorzd dgvxzy kbfy fea xjdca bmsjg lzxwo