It's not just a couple of million dollars more, either. The Illinois Department of Revenue says that sales of recreational weed has produced nearly $121 million in tax revenue for Illinois, compared to about $99 million for wine, beer, and/or spirits.
When recreational marijuana sales became legal in Illinois last January, there were many thoughts and projections centered around the amount of money the new pot laws would bring into Illinois' coffers. In particular, many of us wondered about tax money generated by weed sales.
After posting yesterday's report on Illinois' patriotism ("Study Ranks Illinois Near the Bottom of Patriotic States"), I was hoping the news release on my desk this morning that read "Illinois Hits the Top!" was some much-needed good news about our state. It wasn't.
In case you were unaware, a couple of days ago the Illinois House voted to move Illinois to ticket-based penalties for possession of up to 10 grams of marijuana. It's not a done deal, though. Governor Bruce Rauner still has to sign off on it.
If you were planning to quickly file your tax returns this year in the hopes of getting an big refund check from the state of Illinois, you might want to start making other financial plans.
The Illinois Department of Revenue says taxpayers will have to wait until after March 1 to receive income tax refunds...