- 1 How much money did Illinois make from recreational weed?
- 2 How much is the weed tax in Illinois?
- 3 Where do Illinois weed taxes go?
- 4 What is the Illinois tax rate?
- 5 How much can you make with a weed business?
- 6 What is the Illinois tax rate for 2020?
- 7 Is Illinois a high tax state?
- 8 What is the highest taxed state?
How much money did Illinois make from recreational weed?
In all, Illinois has now racked up $1,064,750,968 in recreational cannabis sales since legalization took place. Of those sales, nearly $777 million were made to in-state residents, according to the Department of Revenue.
How much is the weed tax in Illinois?
How is it taxed and where does the money go? Illinois’ recreational cannabis tax rates are among the highest in the country. It includes a 7% wholesale tax, a retail excise tax of 15%, 20% or 25% depending on the product’s THC level, the state’s 6.25% sales tax and the local sales tax rate paid by all retailers.
Where do Illinois weed taxes go?
How does Illinois spend marijuana tax revenue? 35% to the general fund. 25% to the Illinois Recover, Reinvest and Renew Program. 20% to mental health and substance abuse.
What is the Illinois tax rate?
Illinois’ sales tax rate is 6.25 percent on general merchandise and 1 percent on qualifying foods, drugs, and medical appliances. The tax rate may be higher in some areas because some local jurisdictions are allowed to impose their own taxes.
How much can you make with a weed business?
According to a 2016 report on Marijuana Business Daily, the average dispensary makes about $974 in annual revenue per square foot of store space. This puts them on the same level as what a chain store like Whole Foods makes in a year.
What is the Illinois tax rate for 2020?
Effective for tax years ending on or after December 31, 2020, the personal exemption amount is $2,325. The income tax rate remains at 4.95 percent (. 0495) for tax years ending on or after December 31, 2020.
Is Illinois a high tax state?
Illinois had the highest total state and local tax rates on a median U.S. household, at 15.1%. Connecticut came in 2nd at 14.84% while Alaska has lowest, at 5.84%. Illinois taxes are 38.95% higher than the national average, the report found.
What is the highest taxed state?
The top 10 highest income tax states (or legal jurisdictions) for 2020 are:
- New Jersey 10.75%
- Oregon 9.9%
- Minnesota 9.85%
- District of Columbia 8.95%
- New York 8.82%
- Vermont 8.75%
- Iowa 8.53%
- Wisconsin 7.65%