NEW YORK (CBSNewYork) — A New York State lawmaker outlined her proposal Thursday to raise revenue by making marijuana legal.

State Sen. Liz Krueger’s measure — the Marijuana Regulation and Taxation Act — would legalize, regulate and tax marijuana under state law.

“It will take the market in marijuana away from the criminal enterprises, just as happened when alcohol prohibition was ended,” she said at a City Hall press conference.

NYS Lawmakers Roll Out Measure To Tax, Legalize Marijuana

Krueger, a Democrat from Manhattan, said her bill would bring in hundreds of millions of dollars in revenue for the state. New York State Assembly Health Committee Chairman Richard Gottfried (D-Manhattan) signed onto the measure.

“It would establish an excise tax of $50 an ounce of marijuana and authorize localities to charge a sales tax on retail sales if they wish to,” Krueger said.