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Supervisors advance ordinance to delay cannabis business tax and raise exemptions through 2021
Summary
The committee voted to move Supervisor Rafael Mandelmann’s ordinance to suspend the new cannabis business tax for calendar year 2021, raise the exemption from $500,000 to $1 million and increase upper thresholds for tax brackets; BLA estimated revenue loss at about $7.1 million.
The Budget and Finance Committee voted Nov. 4 to advance an ordinance from Supervisor Rafael Mandelmann to the full Board that would suspend the newly enacted cannabis business tax for calendar year 2021 and adjust tax thresholds to provide relief for smaller and equity-focused cannabis businesses.
Mandelmann said the 2018 voter-approved measure (Prop D) had assumed more retailers would be operational by January…
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