A California bill that would repeal a planned tax increase on marijuana sales cleared a critical hurdle this week, giving the wheezing industry a breath of fresh air.
Current law requires the state to increase the tax rate from 15% to 19% on July 1 to make up for the loss in expected revenue from the state suspending the cannabis cultivation tax. The bill that the Assembly Business and Professions Committee advanced on a 15-0 vote Tuesday would halt that hike. The measure now goes to the Revenue and Taxation Committee for consideration.
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