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§ 426. Tax on retail sales--Apportionment

Oklahoma Statutes AnnotatedTitle 63. Public Health and SafetyEffective: July 1, 2023

Oklahoma Statutes Annotated
Title 63. Public Health and Safety (Refs & Annos)
Chapter 15. Narcotic Drugs
Medical Marijuana
Effective: July 1, 2023
63 Okl.St.Ann. § 426
§ 426. Tax on retail sales--Apportionment
Currentness
A. The tax on retail medical marijuana sales shall be established at seven percent (7%) of the gross amount received by the seller.
B. This tax shall be collected at the point of sale. Except as provided for in subsection D, tax proceeds shall be deposited into the Medical Marijuana Tax Fund created in Section 3 of this act.1
C. Pursuant to Section 255.2 of Title 68 of the Oklahoma Statutes, the Oklahoma Tax Commission shall have authority to assess, collect and enforce the tax specified in subsection A of this section including any interest and penalty thereon.
D. For fiscal year 2022, proceeds from the levy authorized by subsection A of this section shall be apportioned as follows:
1. The first Sixty-five Million Dollars ($65,000,000.00) shall be apportioned as follows:
a. fifty-nine and twenty-three hundredths percent (59.23%) to the State Public Common School Building Equalization Fund,
b. thirty-four and sixty-two hundredths percent (34.62%) to the Oklahoma Medical Marijuana Authority, a division within the State Department of Health, and
c. six and fifteen hundredths percent (6.15%) to the State Department of Health and earmarked for drug and alcohol rehabilitation; and
2. Any surplus collections shall be apportioned to the General Revenue Fund of the State Treasury.
E. If any medical marijuana business licensee intentionally does not remit the taxes as required by the provisions of this section or the provisions of Section 1354 of Title 68 of the Oklahoma Statutes, the Authority shall permanently revoke the medical marijuana business license of the business licensee and the business licensee shall be permanently ineligible to receive any other type of medical marijuana business license issued by the Authority, including licenses for a dispensary, commercial grower operation, processing facility, transporter, research, education facility, and waste disposal facility.

Credits

State Question No. 788, Initiative Petition No. 412, § 7, adopted at election held on June 26, 2018; Laws 2021, c. 563, § 2, emerg. eff. May 28, 2021; Laws 2022, c. 228, § 27, emerg. eff. May 5, 2022; Laws 2023, 1st Ex.Sess., c. 34, § 1, eff. July 1, 2023; Laws 2023, c. 168, § 1, eff. Nov. 1, 2023.

Footnotes

1
Title 63, § 427.5a.
63 Okl. St. Ann. § 426, OK ST T. 63 § 426
Current with emergency effective legislation through Chapter 257 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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