Macomb cannabis store tax revenue
The town of Macomb received its first revenue from the municipal tax on adult marijuana use.
Windy City Cannabis opened in mid-April. Mayor Mike Inman said the city’s three percent tax on marijuana use brought in $ 6,990 in the last two weeks of April and $ 11,485 in May.
âWe didn’t budget for any of these collections in the current fiscal year because we didn’t know what to expect,â said Inman. âWe have just reset the budget for revenue from this source. It will therefore be a plus. “
In addition to local use tax revenue, Macomb will also receive money from the business through the city’s general sales tax and state cannabis use tax, which is distributed to municipalities.
Inman believes it’s too early to estimate how much marijuana tax revenue Macomb could expect for a full year. But he said it could help make up for the loss of money to come due to the shrinking population.
The city built its budget on a projected population of around 16,000, but the 2020 federal census shows the city has 15,051 residents. The city intends to request a recount through a special census.
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