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Assembly committee advances bill to freeze cannabis excise tax after hours of testimony
Summary
The California Assembly Revenue and Taxation Committee advanced AB 564, a measure to pause a planned excise tax increase on legal cannabis, after dozens of witnesses testified for and against the proposal. The committee moved the bill as amended to the Appropriations Committee.
Assemblymember Haney introduced AB 564 on behalf of cannabis industry stakeholders and asked the Revenue and Taxation Committee to pause a scheduled 25% excise tax increase on the state-licensed cannabis industry.
The bill’s author, Assemblymember Haney, said the measure would “freeze the tax at its current rate” and emphasized it would not lower existing taxes. He told the committee the legal market currently captures “just 40% of the state's entire market” while the illicit market accounts for the remainder and that an additional 25% increase would be “an existential threat” to licensed businesses.
The bill drew a large group…
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