Bloomberg reports
The California Department of Tax and Fee Administration (CDTFA) adopted emergency regulations on Cannabis Excise Tax. The adopted regulations prescribe measures: (1) establishing procedures for return, remittance, and collection of excess cannabis tax; (2) clarifying when and how a cannabis retailer may file a claim for a cannabis excise tax credit; (3) establishing requirements and procedures regarding retention of a portion of cannabis excise taxes as vendor compensation; and 4) adopting regulations that further specify recordkeeping requirements for cannabis retailers, clarify applicability, and establish provisions regarding responsible person liability. The regulations took effect Jan. 8. [Cal. Dep’t of Tax & …
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