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Cannabis Legalization Equity Act

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HB 902 creates the Cannabis Legalization Equity Act to legalize the use of cannabis for individuals aged 21 or older and provide for its taxation in a manner similar to alcohol.

As it relates to SURS, HB 902 requires proceeds from the excise tax imposed on the sale or transfer of cannabis to be transferred from the Cannabis Excise Tax Fund to the state-funded retirement systems every three months as follows: (1) 2.5% to the State Employees’ Retirement System; (2) 2.5% to the State Universities Retirement System; and (3) 2.5% to the Teachers’ Retirement System.

HB 902 takes effect immediately upon becoming law.

Sponsor: 
Representative Carol Ammons