(A) Taxation at retail dispensing organizations. The local retail excise tax for adult use cannabis products sold at an adult use, licensed dispensing organization shall be 3% pursuant to the Cannabis Regulation and Tax Act (Public Act 101-0027; 410 ILCS 705/).
(B) Disbursement of retail excise tax funds.
(1) Upon receipt from the Illinois Department of Revenue, all local retail excise tax funds shall be deposited into Swansea Revenue Fund 01-000-306-03 (Cannabis Excise Tax) and shall be disbursed by the village in the following manner:
(a) Twenty percent of the revenue generated from the local retail excise tax for adult use cannabis products sold at an adult use licensed dispensing organization shall be used for and deposited into the police pension fund.
(b) Five percent of the revenue generated from the local retail excise tax for adult use cannabis products sold at an adult use licensed dispensing organization shall be used for and deposited into the fire pension fund.
(c) Seventy-five percent of the revenue generated from the local retail excise tax for adult use cannabis products sold at an adult use licensed dispensing organization shall be used for and deposited into Swansea Fund 01-000-396-00 (General Fund; Other Revenues)
(2) Funding disbursement shall be reevaluated on an annual basis concurrently with the annual municipal budget.
(Ord. 1872, passed 11-4-2019)