Under the long-awaited legalization bill unveiled May 7, just 35 percent of cannabis taxes will go to the state’s general fund, and 10 percent will go to a separate budget stabilization fund. Report Crain’s Chicago Business
Here’s how things will be divided up
Another 25 percent will go to a grant program that aims to help communities hit hard by poverty, violence and the war on drugs; and 20 percent will go to mental health and substance-abuse treatment. The other 10 percent goes to law enforcement and drug-treatment education.
Even if legal pot eventually generates the $440 million to $676 million in annual taxes predicted by legislators sponsoring the bill, far less would be available to shrink chronic multibillion-dollar state budget deficits or fill the yawning pension gap.