Apparently there’s a large dent of back taxes owed by the cannabis industry totaling around $400 million. That’s nothing to sneeze at, so the county is hoping to help many of these businesses by offering an amnesty program costing up to $30 million for the city.
This program would give businesses three years to pay back taxes without the pressure of late fees and interest.
The majority of businesses would benefit from the program. The Office of Finance put out a report in October that found 500 of the 700 licensed cannabis businesses owe back taxes.
If the amnesty program gets approved, the back taxes would be funneled into social equity grants, city police departments, and the city’s general fund.
Read the original story at Ganjapreneur.
