Illinois adopts simple cannabis tax amendment wording
The Illinois General Assembly Joint Committee on Administrative Rules (JCAR) and the Illinois Department of Revenue (IDOR) today announced notices for new adopted cannabis tax amendments in the latest issue of the Illinois Register and Flinn Report.
According to the Flinn Report, IDOR adopted amendments to Retailers’ Occupation Tax effective Dec. 12, 2023, at implementing various Public Acts and other updates. These amendments simply include references to cannabis dispensaries and add references to the Cannabis Regulation and Tax Act.
Most the new wording provides references to add the Cannabis Regulation and Tax Act laws to go along with the Medical Cannabis Program Act laws, The wording also included the addition of cannabis dispensaries within the scope of these sections of the Act. The fines for a person who fails to keep books and records or fails to produce books an records for examination are the same. A person is liable to pay to the Department, for deposit into the Tax Compliance and Administration Fund, a penalty of $1,000 for the first failure to keep books and records or produce books and records for examination and a penalty of $3,000 for each subsequent failure to keep books and records or produce books and records for examination.
Questions or requests for copies can be made to Kimberly Rossini, DOR, 101 W. Jefferson St., Springfield IL 62794, 217-782-2044, REV.GCO@illinois.gov. The Flinn Report is a weekly summary of regulatory actions of State agencies published in the Illinois Register and action taken by the Illinois General Assembly’s Joint Committee on Administrative Rules (JCAR). The Flinn Report honors founding JCAR member Representative Monroe Flinn, and is designed to inform and involve the public in changes taking place in agency administration.
The 103rd General Assembly is set to start Jan. 16 and scheduled for adjournment May 24.
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