Genesee County’s appetite for marijuana fuels $3.8M in revenue sharing for local governments

Genesee County, Mi – Genesee County and six of her cities and townships are about to collect more than $ 3.8 million in marijuana baclese from the State Treasury Department.

The distribution sends $ 1.9 million to Genesee County, $ 640.515 to the city of Flint, $ 582,286 to the city of Burton, $ 349.371 to Thetford Township, $ 232,914 to Mt. Morris Township and $ 58,228 for both cities of Mt. Morris and Davison.

Each province, city, municipality and village in the state receives $ 58,228.66 per retail or micrusiness marijuana license that is active in their jurisdiction for the tax year that ended on 30 September.

The amount per license fell somewhat of $ 59,086.35 in the previous tax year, but according to the State the total payment increased by $ 12.4 million.

The higher payments reflect market trends with the turnover delayed during the previous tax year and the total number of licenses is increasing.

With 33 Marihuana retailers Bond Genesee County Kalamazoo County for fourth place on the list of sharing the state.

Wayne (86), Oakland (50) and Washtenaw (45) provinces had the highest number of companies.

The excise duty on recreational marijuana in Michigan is 10% and payments are made annually.

Sharing the tax on the tax is designed to seduce municipalities to participate in the Marihuana Market of the State.

Taxes were divided by 30% to local, provincial and tribal governments; 35% for the school aid fund for K-12 education; and 35% to the Michigan Transportation Fund for repair and maintenance of bridges and roads.

The road and school funds each received nearly $ 116 million from Marijuana excise income in the most recent tax year.

In addition to the excise duty, marijuana buyers also pay a turnover tax of 6% in Michigan.

Government Gretchen Whitmer has also proposed a wholesale tax for marijuana products as a means to collect another $ 470 million to finance road repairs in its upcoming budget.