Okla. Admin. Code § 442:10-5-7

Current through Vol. 42, No. 7, December 16, 2024

Section 442:10-5-7 - Tax on retail medical marijuana sales

(a) The tax on retail medical marijuana sales by a dispensary is established at seven percent (7%) of the gross dollar amount received by the dispensary for the sale of any medical marijuana or medical marijuana product. This tax will be collected by the dispensary from the customer who must be a licensed medical marijuana patient or caregiver.

(b) A dispensary shall either hold or obtain an Oklahoma sales tax permit from the Oklahoma Tax Commission in compliance with OAC 710:65-19-216.

(c) Reports and payments on gross sales, tax collected, and tax due shall be remitted to the Oklahoma Tax Commission by every dispensary on a monthly basis. No additional reporting regarding gross sales, tax collected, and tax due shall be made to the Authority.

(d) Dispensary reporting and remittance shall be made to the Oklahoma Tax Commission on a monthly basis. Reports and remittances are due to the Oklahoma Tax Commission no later than the 20th day of the month following the month for which the report and remittances are made.

(e) All dispensaries required to report and remit medical marijuana tax shall remit the tax and file their monthly tax report in accordance with the manner prescribed by the Tax Commission.

(f) The report shall contain the following information:

(1) Dispensary name, address, telephone number and dispensary license number;

(2) Reporting month and year;

(3) Total gross receipts for the preceding month from sales of medical marijuana or any medical marijuana product;

(4) The amount of tax due as described in (a) of this Section; and

(5) Such other reasonable information as the Tax Commission may require.

(g) If a due date for the tax reporting and remittance falls on a Saturday, Sunday, a holiday, or dates when the Federal Reserve Banks are closed, such due date shall be considered to be the next business date.

(h) Pursuant to 63 O.S. § 426, the Legislature receives all monies from sales tax proceeds collected on medical marijuana to be appropriated at the discretion of the Legislature to fund substance abuse programs and common education, including redbud school grants. The Legislature receives all monies collected from fines and fees to be appropriated at the discretion of the Legislature to fund the Oklahoma Medical Marijuana Authority.

Okla. Admin. Code § 442:10-5-7

Adopted by Oklahoma Register, Volume 41, Issue 3, October 16, 2023, eff. 9/11/2023, exp. 9/14/2024 (Emergency)

Adopted by 40 Ok Reg 382, eff 11/1/2022 (emergency); Amended by Oklahoma Register, Volume 40, Issue 22, August 1, 2023, eff 8/11/2023

Amended by Oklahoma Register, Volume 41, Issue 21, July 15, 2024, eff. 7/25/2024