Blog Post

Heady NJ >

Murphy Signs New Jersey Cannabis Tax Law Bill for Deductions

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 […]

Read More

NJ Senate Passes Bill to Address Legal Cannabis Company Tax Issues

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 […]

Read More


Subscribe to The Heady Chronicle!

Please wait...

Thank you for signing up!