NY Bill Would Tax $3B Marijuana Market

Law360, New York (December 11, 2013, 2:26 PM EST) -- A New York state Democrat on Wednesday pitched legislation to regulate and tax the state's potential $3 billion marijuana market similarly to New York's treatment of alcohol, amid a broad push to cut state taxes while keeping a healthy but vulnerable budget on solid ground.

Manhattan Democrat Liz Krueger's Marijuana Regulation and Taxation Act removes penalties for possessing two ounces or less of marijuana; makes 18 the legal age for use; allows for home growing; and gives the state the power to license the production, transport...
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