Cannabis represents an ongoing, long-term revenue opportunity
New York will soon be bringing in $245 million in annual marijuana revenue, the state comptroller projects in a new budget analysis.
For the first year of cannabis sales, the state is expected to see just $20 million in tax and fee collections. That will be part of an estimated $26.7 billion in new revenues that New York is expected to generate in fiscal year 2021-2022 under a budget that the legislature passed last month.
“While increased receipts will occur from the legalization of marijuana and sports betting, the new revenue sources with the greatest fiscal impacts are the [personal income tax] and corporate tax increases,” the analysis says.
But those latter sources are temporary, whereas cannabis represents an ongoing, long-term revenue opportunity.
The fiscal year 2021-2022 haul of $20 million in marijuana tax revenue is projected to grow to $115 million in 2022-2023, $158 million in 2023-2024 and $245 million in 2024-2025, Comptroller Thomas DiNapoli’s analysis says.
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