It could net anywhere from $44 to $82 million over the next fiscal year
The Northampton City Council recently gave its final approval to an ordinance for a 3 percent sales tax on local retail marijuana profits.
The legislation was originally introduced by Mayor David Narkewicz in February and received initial approval at the Council’s last meeting on March 15. It passed unanimously in its 2nd reading at the Council’s meeting Thursday night.
When pot stores open across Massachusetts this summer the state’s sales tax rate for the new product will be 17 percent. However, state law allows for additional local taxation of up to 3 percent, and municipalities could stand to gain a significant amount of revenue.
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