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 New Jersey State Senate passed a bill allowing legal cannabis companies to keep separate state tax provisions from the federal prohibition on deductions to help alleviate legal cannabis tax issues companies are facing. Currently, legal cannabis companies cannot deduct their business expenses from their taxes, a common business practice since cannabis remains a Schedule […]
The New Jersey State Senate Budget and Appropriations Committee passed a cannabis business tax bill yesterday. It was designed to address the fact that licensed cannabis companies cannot deduct their expenses from their taxes, a common practice.
It was sponsored by Senator Troy Singleton (D-Burlington) and Shirley Turner (D-Mercer).
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Dan Ulloa
