New Jersey Sets Pot Taxes, Aiming Revenue at ‘Impact Zones’

New Jersey lawmakers approved a bill that sets up the tax structure for recently legalized recreational marijuana.

The bill (S.21), which would subject recreational marijuana to the state’s 6.625% sales tax and local-option taxes up to 2%, cleared both state chambers Thursday. Next it heads to Gov. Phil Murphy (D), who is expected to sign the measure, after lawmakers announced earlier this month they had reached an agreement with him.

After years of pursuing legislation, lawmakers sent a measure legalizing marijuana to the ballot in November, which voters overwhelmingly approved. The move is expected to generate ...