Pubdate: Fri, 28 Aug 2015
Source: Oregonian, The (Portland, OR)
Copyright: 2015 The Oregonian
Contact:  http://www.oregonlive.com/oregonian/
Details: http://www.mapinc.org/media/324
Author: Noelle Crombie

OREGON REVENUE OFFICIALS PLANNING FOR INFLUX OF CASH WHEN MARIJUANA 
BUSINESSES PAY SALES TAXES NEXT YEAR

Oregon officials are trying to figure out how to deal with an influx 
of sales tax revenue from recreational marijuana sales starting early 
next year.

Recreational cannabis sales begin Oct. 1, but won't be subject to 
state taxes until Januaru 2016, when under the state's early sales 
program, a 25 percent sales tax kicks in.

The federal prohibition on marijuana has kept traditional banking 
generally off limits to the industry, forcing them to rely heavily on cash.

The Oregon Liquor Control Commission is also planning for large cash 
deposits from marijuana license holders. The agency plans to boost 
security and upgrade its entry area in anticipation of cash payments 
from the marijuana industry. Marijuana license holders must pay 
annual state fees to operate.

Vera Helbert, marijuana tax program manager with the revenue agency, 
told the liquor control Commission on Thursday that revenue officials 
are looking at security and how to record cash deposits.

She said the agency may opt to accept cash payments at a single 
location. She said that's the model used in Washington and Colorado, 
both home to legal marijuana programs.

"We are still looking at several options to take cash," said Helbert.
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MAP posted-by: Jay Bergstrom