Michigan Communities To Share $42 Million Of Recreational Marijuana Tax Revenue
(CBS DETROIT) — Michigan cities, townships and counties are splitting millions of dollars in revenue from marijuana sales las year.
The $42 million in revenue comes from recreational sales and is being split among communities that allow these sales, thanks to the Michigan Regulation and Taxation of Marijuana Act.
According to the Michigan Department of Treasury, 62 cities, 15 villages, 33 townships and 53 counties will be receiving payments from the Marihuana Regulation Fund, meaning each eligible municipality and county will receive more than $56,400 for every licensed retail store and microbusiness within its jurisdiction.
Revenue was collected from 374 licensees during the 2021 fiscal year.
“The Michigan Department of Treasury will distribute these dollars as soon as practical to eligible local units of government,” said State Treasurer Rachael Eubanks. “The doubling of this year’s payment amounts will have a larger impact on local government budgets.”
The city of Ann Arbor is getting the biggest amount of the review, bringing in $1.4 million from sales.
Officials say in addition to revenue distribution, $49.3 million was sent to the School Aid Fund for K-12 education and another $49.3 was sent to the Michigan Transportation Fund.
Click here to view what each municipality is receiving this year.
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