Tax breaks are now available for cannabis businesses in Long Beach, the city announced last week.
With the intention of stimulating growth in the local cannabis industry, the Long Beach City Council voted 9-0 April 9 for the Cannabis Tax Relief Plan, officials said. The new plan has a 1% cannabis tax cut for cultivation and adult-use retail businesses and a Pilot Tax Credit Program. The two tax breaks combine for as much as 4% of tax relief.
"Identifying new ways to support our local businesses and stimulate our local economy is a cornerstone in our economic development strategy," Mayor Rex Richardson said in a statement. "This new Pilot Tax Credit Program will uplift our local cannabis industry and foster responsible business practices that support frontline employees."
The amended ordinance and 1% tax break for all cannabis businesses took effect May 24, and the city is currently accepting applications for the Pilot Tax Credit Program.
Read more at: www.heysocal.com