#cannabis-tax

#cannabis-tax

Both houses approved a bill Wednesday that would reverse the new 19% state excise tax on cannabis products, which took effect in July. The measure, which was introduced by Assemblymember Matt Haney, would return the tax to the original rate of 15%, upon approval from Newsom. [KPIX] The Associated Press awarded Golden State Valkyries Coach Natalie Nakase Coach of the Year Friday, and Vs guard Veronica Burton received Most Improved Player. With Nakase's guidance, the team has wildly outperformed expectations and is the first expansion team in history to make it to the playoffs in its first year. [ESPN]

An industry-sponsored bill moving through the Legislature - and already passed by the Assembly - would eliminate the tax increase and lower the rate back to 15% for the next six years. This would reduce by $180 million annually the tax revenue that the state contributes toward law enforcement, child care, services for at-risk youth and environmental cleanup. The losses include about $81 million annually that would have specifically funded additional subsidized child-care slots for about 8,000 children from low-income families.