Governor Phil Murphy (D) has signed New Jersey cannabis tax law reform legislation so cannabis companies can deduct their business expenses. The bill was A-3946/S-340, “Decouples State tax provisions from federal prohibition on cannabis business deductions.” The new law decouples cannabis businesses from the federal Internal Revenue Service Tax Code Section 280E. Section 280E prohibits […]
The NJ Cannabis Regulatory Commission (NJCRC) held a hearing on how the Social Equity Excise fee tax revenue from adult-use cannabis sales should be spent.
The New Jersey Society of Certified Public Accountants (CPAs) virtual conference earlier this month featured New Jersey cannabis experts discussing issues in the market, including Social Equity. NJ Cannabis Regulatory Commission (NJCRC) Vice Chair Sam Delgado first went over the basics of the New Jersey adult-use cannabis market and the license application process. “New Jersey […]
Social justice advocacy organizations held a rally outside the Statehouse demanding that NJ cannabis tax revenue be equitably distributed. “We can be a leader in how we begin to repair the harms of marijuana criminalization,” ACLU social justice advocate Ami Kachalia said. She explained they are adamant against cannabis tax revenue going to fund the […]
Governor Phil Murphy (D) delivered his fifth annual budget address. It outlined his Fiscal Year (FY) 2023 budget proposal, which includes spending cannabis tax revenue. “The budget I propose today continues the work of the past four years. Restoring fiscal responsibility, promoting economic growth, and making New Jersey stronger, fairer, and more affordable for our […]
The New Jersey Cannabis Regulatory Commission (CRC) held its first virtual hearing on spending future adult-use cannabis tax revenue. NJCRC Executive Director Jeff Brown noted that the hearings would be held annually. “There are many promises when it comes to the legalization of cannabis,” he said. NJCRC Commissioner Charles Barker said they want to reinvest […]
As the NJ Senate debates a new compromise bill, Troy Singleton (D-Burlington) is working on several bills to change cannabis law including a bill to decouple the state income cannabis tax law from federal income taxes, a bill on medical homegrow, and a dispensary purchase subsidy bill. Three of the Senators in the Black Caucus […]
Governor Phil Murphy will likely have to conditionally veto the cannabis bills and hope the legislature changes them. That is doubtful. Meanwhile, the Jersey City Council passed a medical cannabis tax. “The last thing any of us want is our kids getting tied up in the criminal justice system. Especially kids of color,” Murphy said. […]
After admitting Monday they did not have the votes, legislators have made progress on passing the decriminalization and the implementation of New Jersey legal weed bills. Whether it was intentional or not, including magic mushrooms has stalled the process. It’s become clear that the inclusion of magic mushrooms in the decriminalization of New Jersey legal […]
Governor Phil Murphy said on the radio that legal New Jersey cannabis would fill holes in the NJ State budget due to increased sales tax revenue. Murphy was being interviewed on the radio when he said, “Listen, as you probably know, I’ve been on that from day one,” said regarding the effectiveness of cannabis to […]
Due to the economic downturn caused by the global pandemic, many cannabis industry advocates are seeking aid. They were excluded from the CARES Act. Cannabis industry aid has not come because cannabis is a Schedule I drug and illegal substance. Businesses that deal directly with cannabis production and sale, along with many ancillaries, are also […]
Harry Carpenter is one of the premier cannabis accountants and a leader in New Jersey’s marijuana industry. He has been featured at a variety of events on many panels regarding cannabis. For example, he was on a webinar last week about the nuances of the industry. Carpenter is currently a partner and co-practice leader of […]
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Dan Ulloa
Heady NJ Staff
