Mike Davis | November 22, 2019 | Asbury Park Press |
If all goes according to proponents’ plan, New Jersey may finally be the cheapest at something: legal weed taxes.
A marijuana-legalizing ballot measure expected to go before voters next year states that legal weed sales in New Jersey would only be subject to the state sales tax, which is currently at 6.625%.
Municipalities allowing legal weed dispensaries would also be able to levy their own “transfer tax” up to 2%. Yet the combined total possible tax of 8.625% would easily be the lowest in the United States.
Some marijuana analysts view low tax rates as key to making government-sanctioned weed at least competitive with black market weed.
It’s unclear how long New Jersey would be able to maintain its bargain-rate weed tax.
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