L.A. Cannabis Businesses Owe $400 Million. The City May Get only $30 Million
More than 500 of the roughly 700 licensed cannabis businesses owe
Los Angeles cannabis businesses that owe back taxes wouldn’t have to pay late fees and interest under an “amnesty” program proposed by the City Council.
To qualify, the businesses would have to pay their city taxes within three years.
The council’s unanimous vote on Tuesday, asking the Office of Finance to draft language creating the program, comes at a time when city leaders are searching for money to cover basic services after closing a $1-billion budget gap.
More than 500 of the roughly 700 licensed cannabis businesses in the city collectively owed about $400 million in taxes — an amount that includes $100 million in penalties and $35 million in interest, according to an October report from the Office of Finance.
The total amount owed increased to $417 million as of December, according to Matthew Crawford, the office’s assistant director.
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