HB 1409

Current law requires 3.5% of the gross retail marijuana sales tax revenue to be distributed to local governments. The act eliminates the distribution to local governments and allocates the gross retail marijuana sales tax revenue as follows, on and after July 1, 2026: 73.17% to the marijuana tax cash fund (fund); 11.33% to the state public school fund; 1.5% to the marijuana cash fund; and 14% to the general fund. The act also directs the state treasurer to transfer from the fund to the state public school fund on June 30, 2027, and on each June 30 thereafter, an amount equal to the difference between the balance of the fund and: 15% of the amount that the general assembly appropriated from the fund in that fiscal year; and Any amount of the fund designated to be part of the emergency reserve for that fiscal year. (Note: This summary applies to this bill as enacted.)