excise tax
Coverage of excise tax in the Nexus archive.
- Virginia to allow recreational marijuana to be sold in retail stores beginning in 2027
Virginia will allow recreational marijuana sales in retail stores starting July 1, 2027, with up to 350 cannabis shops permitted. The law increases possession limits from 1 to 2 ounces and imposes an excise tax, generating an estimated $51 million in state revenue.
- A coalition sues to block Kentucky’s new 14.25% prediction markets tax
A coalition including Kalshi, Crypto.com, and Polymarket sued Kentucky over its 14.25% excise tax on prediction markets, arguing it is discriminatory and unconstitutional. The tax, enacted by the Kentucky General Assembly in April, is higher than the 9.75% tax on horse track wagers. Kentucky Attorney General Russell Coleman defended the tax, claiming it protects the state’s sports betting laws.
- NC Senate considers tax on obscene materials, social media age limits, license plate readers
North Carolina lawmakers propose a 50% excise tax on 'prurient' or 'obscene' sexual materials illegal under state law to fund anti-human trafficking efforts. The bill also creates a Human Trafficking Commission and raises concerns about subjective tax assessments by the Department of Revenue.