Illinois Governor Signs Law Enacting Cannabis Regulation and Tax Act, Imposing Tax, License Fees

The Illinois Governor June 25 signed a law enacting the Cannabis Regulation and Tax Act. The law includes measures: 1) beginning Sept. 1, imposing a cultivation privilege excise tax at the rate of 7 percent of the gross receipts from the first sale of cannabis by a cultivator or a craft grower to a dispensing organization; 2) beginning Jan. 1, 2020, imposing a cannabis purchaser excise tax at different specified rates; 3) authorizing a municipality and county to impose a municipal cannabis retailers’ occupation tax, not to exceed 3 percent of gross receipts, and cannabis county retailers’ occupation sales and ...