Hawaii Senate Bill SR162

Hawaii 2022 Regular Session

• Introduced: 3/11/22
• Refer: 3/16/22

Caption

Requesting The Department Of Business, Economic Development, And Tourism To Conduct A Study On The Projected Revenue That Would Be Generated For The State From The Legalization Of Recreational Marijuana If It Were Taxed At A Rate Equal To The Existing General Excise Tax Rate.

Impact

The resolution is significant as it seeks to inform the legislature on the potential economic implications of recreational marijuana legalization. Experts suggest that expected tax revenue could greatly contribute to state resources, similar to experiences observed in other states like Colorado, where substantial revenue has been generated since legalization. Conducting this study would provide data-driven insights into how marijuana legalization might not only enhance tax revenues but also stimulate local economies through various ancillary businesses.

Summary

Senate Resolution 162 requests the Department of Business, Economic Development, and Tourism to conduct a comprehensive study on the projected revenue that would be generated for the State of Hawaii from the legalization of recreational marijuana. The proposed framework for taxation aligns with the existing general excise tax rate, aiming to assess potential financial benefits from such legalization. This resolution is reflective of a growing trend among states that have legalized marijuana, either for medical or recreational use, highlighting a shift in public perception and policy towards cannabis.

Contention

Although the study is presented as a factual analysis, it is important to recognize that discussions around marijuana legalization often ignite diverse opinions. Supporters argue for the benefits of regulation and taxation as a means to control the illegal market while generating revenue for important state initiatives. Conversely, opponents may raise concerns over public health, safety, and the societal implications of increasing access to recreational marijuana, thus highlighting a tension between economic and societal values.