Pursuant to § 40 of the New Jersey Cannabis Regulatory, Enforcement and Marketplace Modernization Act (CREAMMA), the following municipal tax shall be collected from the following cannabis license holders:
(A) A 2% municipal transfer tax shall be imposed on the lawful sale of cannabis produced by any Class I, II and V license holder.
(B) A 1% municipal transfer tax shall be imposed on the lawful sale of cannabis produced by any Class III license holder.
(C) Payment of the municipal tax shall be paid directly to Voorhees Township quarterly on the following dates of the calendar year: February 1, May 1, August 1, November 1.
(D) All revenues collected from cannabis taxation of the Voorhees Township Code imposed by ordinance(s) pursuant to this section shall be remitted to the Township’s Chief Financial Officer on a quarterly basis payable for the prior three month’s activities. The revenues due on February 1 of each year shall include all transfer taxes or user taxes collected for the prior year months of October, November and December. The revenues due on May 1 of each year shall include all transfer taxes and user taxes collected for the immediate prior months of January, February and March. The revenues due on August 1 of each year shall include all transfer taxes and user taxes collected for the immediate prior months of April, May and June. The revenues due on November 1 of each year shall include all transfer taxes and user taxes collected for the immediate prior months of July, August and September.
(E) Interest on late payments shall be assessed at 18% per annum. There shall be a five-day grace period for late payments.
(F) In addition to the requirements, an annual report in conformance with Standards for Attestation Engagements (SSAE) No. 19, Agreed-Upon Procedures Engagements, or any superseding SSAE, as promulgated by the American Institute of Certified Public Accounts must be provided to the Township within 90 days of the entity’s fiscal year end. The report shall contain the following:
(1) Confirmation of total taxable receipt activity of the entity broken out by taxation class.
(2) A recalculation of tax due to the Township.
(3) A reconciliation of tax due to the Township and tax remitted.
(4) Any over or under payment of tax due as a result will be adjusted on the following quarter’s tax remittance.
(G) Failure to comply with the above policies may result in an entity’s municipal cannabis license being revoked.
(Ord. 387-21, passed 8-9-21; Am. Ord. 437-23, passed 6-26-23; Am. Ord. 442-2023, passed 10-10-23)