|Photo: Flickr / Westword|
|New Mexico: Land of Enchantment. And, well, taxing the sick.|
New Mexico’s Legislature has been looking mighty hungrily at the state’s medical marijuana program as a source of tax revenue. But according the state’s Tax and Revenue Department, such a tax could cause patients to turn to the black market.
A 25 percent excise tax on medical marijuana could potentially raise about $1.2 million for the state, according to the Legislative Finance Committee’s fiscal impact report on Sen. John Sapien’s bill, SB 56, reports Marjorie Childress at The New Mexico Independent.
The analysis estimated a typical patient spends $6,256 annually on medical marijuana, and would pay about $1,564 in excise tax per year.