DANVILLE — With recreational marijuana becoming legal in about two months and state estimates projecting $500,000 in prospective income for Vermilion County governments, the county board is set to vote on establishing a tax on sales to assure its reduce.
On Thursday, the county board’s executive and legislation committee encouraged a tax at the maximum price permitted by state statute — three.75 % in unincorporated regions of the county and three % in incorporated regions.
Danville Mayor Rickey Williams Jr. has received income estimates of $425,000 for the city if a dispensary opens inside Danville, and county board Chairman Larry Baughn stated an additional $75,000 would flow to county coffers, according to projections received from state officials.
Vermilion County officials will take each and every penny, as they are searching at a deficit spending program for subsequent year with expenditures outpacing revenues by $650,000 so far.
The county board will vote on its spending program for subsequent year its home-tax levy, which is only slightly greater and the marijuana sales tax at its Nov. 12 meeting.
In September, the Champaign County Board authorized a recreational-cannabis tax at the similar prices — three % in incorporated regions, three.75 % elsewhere.
By May perhaps 20, the state will award 75 licenses to sell recreational marijuana. 1 will be out there in an location covering Champaign, Piatt and Ford counties, and one particular will be out there in Vermilion County, which does not currently have a health-related-marijuana dispensary. Champaign County is residence to two: Phoenix Botanical in Champaign and NuMed in Urbana.
On Oct. 17, the Illinois Division of Economic and Expert Regulation announced that Phoenix Botanical was one particular of six health-related-cannabis dispensaries that had been granted “same site” recreational-cannabis licenses enabling them to sell recreational cannabis beginning Jan. 1. The new law also makes it possible for health-related-cannabis dispensaries to open a second web-site for recreational sales at a diverse place.
It is not but clear exactly where a recreational-use dispensary could find in Vermilion County, but there’s been interest in at least one particular web-site in Danville on Lynch Road close to Interstate 74, significantly less than a mile from the Indiana state line. Indiana has not legalized recreational-marijuana sales or use.
In September, Danville aldermen voted in favor of enabling a recreational-cannabis dispensary and applying a three % tax to sales. That would be in addition to the county’s three % tax.
If a dispensary chooses to find in an unincorporated location of Vermilion County, only the county’s three.75 % tax would apply.