According to a report acquired by the Phoenix New Times, Arizona stands to gain $48 million in tax revenue annually by regulating marijuana like alcohol:
The Joint Legislative Budget Committee produced a report in September on the estimated impact of legal marijuana, but didn't release the data publicly. New Times obtained a copy of the report this morning.
Prepared in response to a legalization bill proposed earlier this year by a group of Democrats, the JLBC report shows that Arizona could enjoy a large boost in revenue for schools, health care and other services simply by taxing people who already use marijuana.
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The Democrats' bill would have made marijuana legal for adults 21 and older, and would have allowed the plant to be sold in retail shops with an added $50-per-ounce tax.
The bill died in committee back in April, but a similar measure could be revived when the legislature reconvenes in January. Whether or not lawmakers do anything, Arizona voters are likely to see a legalization initiative on the ballot in 2016. Coordinated by the Marijuana Policy Project, the initiative is still in the drafting stage but will almost certainly include a tax-collection scheme.
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