Marijuana Moment reports
The New Jersey Assembly has approved a bill that would allow licensed marijuana businesses to deduct certain expenses on their state tax returns, a partial remedy as the industry continues to be blocked from making federal deductions under Internal Revenue Service (IRS) code known as 280E.
The legislation from Assemblymember Annette Quijano (D) cleared the chamber in a 60-6 vote on Thursday, about a month after it advanced through committee with amendments.
While many state tax policies simply mirror federal law, the new bill says that, for the purposes of the New Jersey’s tax code, a licensed cannabis business’s gross income “shall be determined without regard to section 280E of the [federal] Internal Revenue Code.”
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New Jersey Lawmakers Approve Bill To Let Marijuana Businesses Claim State Tax Deductions As Partial 280E Workaround