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Report: NJ could receive $300 million from taxing marijuana
By David Levinsky, staff writer May 24, 2016
AP file
(File) The 14-page report, "Marijuana Legalization and Taxation: Positive Revenue Implications for New Jersey," was released Tu
24, 2016 by New Jersey United for Marijuana Reform and New Jersey Policy Perspective as part of both groups' advocacy for a
marijuana prohibition, arguing that the policy has wasted resources and allowed the illegal market to thrive.
TRENTON — New Jersey could receive a $300 million boost in tax revenues
if the state opts to legalize and tax the sale of marijuana for recreational use,
a new report written by marijuana advocates concluded.
The 14-page report, "Marijuana Legalization and Taxation: Positive Revenue
Implications for New Jersey," was released Tuesday by New Jersey United for
Marijuana Reform and New Jersey Policy Perspective as part of both groups'
advocacy for an end to marijuana prohibition, arguing that the policy has
wasted resources and allowed the illegal market to thrive.
"Legalizing, taxing and regulating marijuana will increase public safety,
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improve our criminal justice system, enhance racial justice, protect young
people, save resources, bolster public health and generate revenue," the
study said.
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The $300 million annual tax revenue was calculated based on federal
estimates that about 365,900 state residents over age 21 use the drug on a
monthly basis. The study assumed an eventual 25 percent tax on an expected
$1.2 billion in direct marijuana sales at $350 per ounce.
New Jersey residents spend over $850 million on marijuana each year,
according to the study.
The report also predicted additional economic benefits from legalization,
including job creation and growth in business, research, development and
agriculture. A dollar estimate for those benefits was not released.
Four states — Colorado, Washington, Oregon and Alaska — and the District
of Columbia have passed laws legalizing possession of small amounts of
marijuana for recreational use. Several others are considering such
legislation.
Lawmakers first introduced legislation to legalize, tax and regulate marijuana
for people over 21 in 2014.
It was originally written by Sen. Nicholas Scutari, D-22nd of Linden, and calls
for the state to regulate the drug like alcohol. New Jersey now allows the use
of the drug for some medicinal purposes.
Assemblyman Reed Gusciora, D-15th of Trenton, sponsored his chamber's
version of the bill, but neither made it out of committee during the last
session.
Even if the bill advanced out of the Democratic-controlled Legislature, it
faces a certain veto while Gov. Chris Christie is in office.
The Republican governor, who rarely speaks publicly about legislation before
it arrives at his desk, has promised to veto any measure that would legalize
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the drug's use beyond the current medical purpose.
"I am completely, 100 percent opposed to drug legalization," Christie said last
year.
Marijuana advocates say that position is shortsighted.
"The lessons from around the country are loud and clear: Marijuana
legalization makes fiscal sense, and it makes practical sense," said Brandon
McKoy, an analyst with New Jersey Policy Perspective and the co-author of
the report.
"We have the ability to generate hundreds of millions of dollars in new
revenue and create tremendous economic opportunities in our state by
capitalizing on New Jersey's geographic location and our world-class
education and health care infrastructure," said Bill Caruso, former executive
director of the Assembly Majority Office and a member of the New Jersey
United for Marijuana Reform steering committee.
"It's time for New Jersey to get off the sidelines and join success stories like
Colorado and Washington state. For each day that passes without safe and
responsible legalization, taxation and regulation of marijuana in our state, we
are leaving money on the table."
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