Michigan Municipalities Will Distribute $60 Million in Marijuana for Recreational Income Taxes!
According to Tuesday’s announcement from the Michigan Department of Finance, localities that allow recreational marijuana sales within their borders will split $59.5 million in tax income for the 2022 fiscal year. About $52,000 per registered retail store and micro business will be distributed across the 224 municipalities and counties that host dispensaries for recreational marijuana use from the 10% adult-use marijuana excise tax.
Distributable funds from the Marijuana Regulation Fund totaled $198.4 million, an increase of 15% from the previous year. Around $70 million went to Michigan’s transportation fund and nearly the same amount went to the School Assistance Fund for elementary and secondary education.
This is an increase from the $172 million available for distribution in the 2021 fiscal year and the $45.7 million available in the 2020 fiscal year, the first full year of recreational marijuana sales in Michigan. In 2022, recreational marijuana sales were estimated to be above $1.8 billion.
Washtenaw County, with its 40 licensees, will collect approximately $2.1 million in tax income, making it the county with the highest total. See some examples of what other cities in the Detroit area will get below:
