Sports betting, legal marijuana offer New York promise of tax windfall

    0
    150

    With the potential windfall of billions in tax revenue at stake, New York is edging closer to legalizing sports betting and marijuana. In the wake of the Supreme Court’s decision to reverse the federal ban on sports betting earlier this week, City Comptroller Scott Stringer’s office released a report yesterday that showed how NYC and the State of New York could reap hundreds of millions in tax revenue if marijuana was legalized. Stringer’s analysis estimates the potential market for adult-use marijuana in New York State at roughly $3.1 billion, including approximately $1.1 billion in NYC alone. The state could reap as much $436 million annually in new tax revenue from legal marijuana sales, while NYC could garner as much as $335 million – funds that Stringer’s office said could be used to invest in “communities most damaged by decades of criminalizing marijuana usage and possession.” “This is not just about dollars – it’s about justice. Not only is marijuana an untapped revenue source for the City and the State, but the prosecution of marijuana-related crimes has had a devastating and disproportionate impact on Black and Hispanic communities for far too long,” said New York City Comptroller Scott M. Stringer. Not long after the report was released, Mayor Bill de Blasio announced in a tweet that the NYPD would be overhauling its marijuana enforcement policies in the next month, adding that the agency “must end unnecessary arrests and end disparity in enforcement.” While still technically illegal under federal law, medical marijuana is currently permitted in the majority of U.S. states, including New York. Sports betting, legal marijuana offer New York promise of tax windfall

    thumbnail courtesy of rew-online.com

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here