New Tax Revenue Part Of Oklahoma's Medical Marijuana Law
TULSA, Oklahoma - Oklahoma's new medical marijuana law is expected to bring in some new tax revenue, although it's too early to put an exact figure on how much.
The law, which is about five pages long, sets the tax rate of medical marijuana sales at 7 percent.
That's significantly higher than the state sales tax rate of 4.5 percent. The new law says tax proceeds will go primarily to run the regulatory office.
If there's a surplus, more than what's required to run the office, 75 percent of the surplus is supposed to go to common education. The remaining 25 percent will go to the Department of Health for drug and alcohol rehabilitation.
News On 6 checked with the Tulsa County Treasurer's Office on if there's been any discussion about collecting a county tax, which is what they do with sales tax and they responded by saying there has been "absolutely no discussion" about that.
Also, Oklahoma can collect several different fees under the new law and that is also added revenue for the state.
Finally, this can all change because the state legislature can amend the law. The Governor has already said she will call a special session of the legislature to further regulate medical marijuana.