US California proposes armored cars to transport pot tax money

01:21  08 november  2017
01:21  08 november  2017 Source:   Associated Press

1 million bees killed after Northern California truck crash

  1 million bees killed after Northern California truck crash AUBURN, Calif. — About 1 million bees have been killed after a truck carrying their hives crashed in Northern California.Authorities say the big rig swerved off Interstate 80 Thursday night in Auburn, north of Sacramento, as the driver tried to avoid hitting slowed cars.The truck crashed into an embankment. The driver escaped with minor injuries.However, authorities were forced to kill the bees by spraying them with soapy water after beekeepers determined that the hives couldn't be salvaged and rain was expected.

LOS ANGELES — California should use armoured cars to transport hundreds of millions of dollars in cash tax payments expected next year with the state’s legal marijuana market, the state treasurer said Tuesday. The state on Jan.

LOS ANGELES (AP) — California should use armored cars to transport hundreds of millions of dol The number of banks and credit unions willing to handle pot money is growing.

FILE - In this June 27, 2017, file photo, an owner of a medical marijuana dispensary in Los Angeles prepares his monthly tax payment. California should use armored cars to transport hundreds of millions of dollars in cash tax payments expected next year with the state's legal marijuana market, the state treasurer said Tuesday, Nov. 7, 2017. The state on Jan. 1, 2018, will enter a new era with cannabis when recreational sales become legal and join the long-standing medical industry in what will become the largest U.S. legal pot economy. (AP Photo/Jae C. Hong,File) © The Associated Press FILE - In this June 27, 2017, file photo, an owner of a medical marijuana dispensary in Los Angeles prepares his monthly tax payment. California should use armored cars to transport hundreds of millions of dollars in cash tax payments expected next year with the state's legal marijuana market, the state treasurer said Tuesday, Nov. 7, 2017. The state on Jan. 1, 2018, will enter a new era with cannabis when recreational sales become legal and join the long-standing medical industry in what will become the largest U.S. legal pot economy. (AP Photo/Jae C. Hong,File)

LOS ANGELES — California should use armored cars to transport hundreds of millions of dollars in cash tax payments expected next year with the state's legal marijuana market, the state treasurer said Tuesday.

Secret Service shares photo of 'The Beast' en route to Asia

  Secret Service shares photo of 'The Beast' en route to Asia President Donald Trump kick-started his 12-day, five-country trip to the United States’ Asian allies on Friday and the Secret Service gave sneak peek into how they transport the president’s vehicle entourage across the world.As President Trump kick-started his 12-day, five-country trip to China and Japan, the Secret Service offered a sneak peek into how they transport the president’s fleet of specially-equipped vehicles across the world.

LOS ANGELES (AP) — California should use armored cars to transport hundreds of millions of dollars in cash tax payments expected next year with the state's legal marijuana market, the state treasurer said Tuesday. The state on Jan.

LOS ANGELES (AP) -- California should use armored cars to transport hundreds of millions of dollars in cash tax payments expected next year with the state's legal marijuana market, the state treasurer said Tuesday. The state on Jan.

The state on Jan. 1 will enter a new era with cannabis when recreational sales become legal and join the long-standing medical industry in what will become the largest U.S. legal pot economy.

But the new market estimated to grow to $7 billion annually has a troubling flaw: Marijuana remains illegal under federal law, so most banks won't do business with pot growers, manufacturers or retailers. That means marijuana companies typically operate only in cash.

Among California's new state taxes that will go into effect next year is a 15 percent levy on all marijuana purchases by consumers, including medical marijuana.

State Treasurer John Chiang formed a task force to work on a solution for gathering the money because the state expects to collect hundreds of millions of dollars from legal pot sales.

Senate plan would scrap income and property tax deductions

  Senate plan would scrap income and property tax deductions Senate Republicans on Thursday proposed a tax overhaul that does away with deductions for all state income and property taxes, going further than the version proposed by the House and delivering a blow to residents high-tax states, according to senators briefed on the plan. The Senate plan also would delay a proposed new lower 20 percent corporate rate until 2019 in order to avoid adding more than $1.5 trillion to the deficit, which would violate terms of the recently passed budget, Republicans said. The House tax plan, at President Donald Trump's urging, offered an immediate corporate cut from the current 35 percent rate.

California should use armored cars to transport hundreds more. The armored car tax collection solution came about amid fears that operators carrying large bags of cash could be targets for theft and create problems for the state workers collecting and counting the money .

California should use armored cars to transport hundreds of millions of dollars in cash tax payments expected next year with the state's legal marijuana market, the state treasurer said Tuesday, Nov. The number of banks and credit unions willing to handle pot money is growing.

The armored car tax collection solution came about amid fears that operators carrying large bags of cash could be targets for theft and create problems for the state workers collecting and counting the money.

"It is unfair and a public safety risk to require a legal industry to haul duffel bags of cash to pay taxes, employees and utility bills," Chiang said in a statement.

He added that the marijuana industry's "reliance on cash paints a target on the back of cannabis operators and makes them and the general public vulnerable to violence and organized crime."

In a report based on the findings of the state's Cannabis Banking Working Group, Chiang also said that changes are needed in Washington to either legalize pot in the U.S., or shield financial institutions that serve the cannabis industry from possible prosecution.

But that seems unlikely anytime soon, so the report recommended:

Senate plan would scrap income and property tax deductions

  Senate plan would scrap income and property tax deductions Senate Republicans on Thursday proposed a tax overhaul that does away with deductions for all state income and property taxes, going further than the version proposed by the House and delivering a blow to residents high-tax states, according to senators briefed on the plan. The Senate plan also would delay a proposed new lower 20 percent corporate rate until 2019 in order to avoid adding more than $1.5 trillion to the deficit, which would violate terms of the recently passed budget, Republicans said. The House tax plan, at President Donald Trump's urging, offered an immediate corporate cut from the current 35 percent rate.

California should use armored cars to transport hundreds more. Photo: Richard Vogel, AP. The number of banks and credit unions willing to handle pot money is growing. But they still represent only a tiny fraction of the industry.

California 's state treasurer is recommending using armored cars to transport millions of dollars in cash tax payments expected next year with the legalization of recreational marijuana. The number of banks and credit unions willing to handle pot money is growing.

—The state should work with banks to contract an armored courier service to collect tax payments made in cash from businesses, and shuttle those payments to a secure counting facility before it's eventually deposited in state accounts. "Armored courier services would eliminate the need to directly handle large sums of cash at branch offices or open deposit accounts at financial institutions," the report said. It wasn't immediately clear who would pay for the service.

—Conducting a study on the potential to create a public cannabis bank or other financial institution to serve the industry. The report warned that the obstacles to creating a public financial institution are "formidable," including unknown startup costs, the probability of losses for several years or more that taxpayers would have to cover and trouble obtaining federal regulatory approval.

—Forming a group of cannabis-friendly states, businesses and banks to push for changes in Washington for improved banking access for the industry that would reduce or eliminate the need for marijuana businesses to use cash.

Barbeque hauls in donations for church shooting victims

  Barbeque hauls in donations for church shooting victims The line of cars already stretched for miles before noon when Gage Laubach and his two friends approached a tiny church outside San Antonio where they heard a barbecue was being held to raise money for victims of last weekend's mass shooting at a church in the nearby town of Sutherland Springs.The trio marveled at the steady stream of cars still coming in early Saturday evening, hours after the Smokin' Angles BBQ Ministry opened its doors at Saint Mark's Lutheran Church in Adkins.Organizers announced the event online a few days earlier and expected to feed maybe a few thousand people.

California should use armored cars to transport hundreds of millions of dollars in cash tax payments expected next year with the state's legal marijuana market, the state treasurer said Tuesday, Nov. The number of banks and credit unions willing to handle pot money is growing.

California should use armored cars to transport hundreds more. Photo: Richard Vogel, AP. The number of banks and credit unions willing to handle pot money is growing. But they still represent only a tiny fraction of the industry.

—To encourage greater access to banks, state and local governments should create an online portal to collect data on cannabis businesses. It would be designed to help banks assess potential customers and include licensing and regulatory information, data on key personnel, sources of supply and financial records.

Chiang warned in a letter accompanying the recommendations that "the clash between state and federal law threatens to cripple legal California cannabis businesses before they even get up and running."

"The inability of cannabis operations to get banking services means that many of them may remain in the underground economy and not become transparent, regulated, tax-paying businesses, as California voters intended," he said.

During the Obama administration, the Justice Department issued guidelines to help banks avoid federal prosecution when dealing with pot businesses in states where the drug is legal.

But most banks don't see those rules as a legal protection against charges that could include aiding drug trafficking. And they say the rules are hard to follow, in effect placing the burden on banks to determine if a pot business is operating legally.

The number of banks and credit unions willing to handle pot money is growing. But they still represent only a tiny fraction of the industry.

Colorado tried in 2015 to set up a credit union to serve the marijuana industry but was blocked by the Federal Reserve.

Greece: 2 more missing from flash floods that killed 16 .
<p>Rescue crews were searching Friday for six people missing from deadly flash floods that killed at least 16 near Athens, as new storms hit the Greek capital.</p>The fire department, which had been searching since Thursday for four missing people, said two more people were reported missing Friday in the district of Mandra, on the western outskirts of Athens.

—   Share news in the SOC. Networks

Topical videos:

This is interesting!