Tag: taxes

Cannabis Tax Revenue Increases in Second Quarter of 2018
Business

Cannabis Tax Revenue Increases in Second Quarter of 2018

Rise shows compliance trend growing The California Department of Tax and Fee Administration (CDTFA) recently released revenue numbers for cannabis sales for the second quarter of 2018. Tax revenue from the cannabis industry totaled $74,240,257 from April 1, 2018, through June 30, 2018, which includes state cultivation, excise, and sales taxes. It does not include…

Increase in Taxes on Tobacco, Nicotine Products Now in Effect
News

Increase in Taxes on Tobacco, Nicotine Products Now in Effect

    California voters approved Proposition 56, which increased the excise tax rate on cigarettes and expanded the definition of “tobacco products” to include any type of tobacco, nicotine, little cigars, and electronic cigarettes sold in combination with nicotine. On April 1, the cigarette tax rate will increase from $0.87 to $2.87 per pack of 20…

Rep. Chu Named to House Ways and Means Committee
News

Rep. Chu Named to House Ways and Means Committee

  The House of Representatives approved Rep. Judy Chu (CA-27) to fill the seat on the House Ways and Means Committee left vacant by former Rep. Xavier Becerra on Feb. 7. The 40-member Ways and Means Committee, the oldest committee of the U.S. Congress, is the chief tax-writing committee in the House. Rep. Chu released…