New Jersey Lawmakers Ease Tax Penalty for Cannabis Businesses

Bloomberg report

New Jersey lawmakers on Monday gave final approval to a bill giving the state’s burgeoning cannabis industry similar abilities as companies in other sectors to take state business tax deductions.

The measure would decouple the state’s corporate business tax from federal rules prohibiting deductions and credits for cannabis businesses. The Assembly passed A3946 by a vote of 60-6 in October, and the Senate voted 32-3 for the identical S340 on Monday, sending it to Gov. Phil Murphy (D) for signature.

If Murphy signs the measure into law, New Jersey will join a growing number of states that are decoupling from …

Read more paywall https://news.bloombergtax.com/daily-tax-report/new-jersey-lawmakers-ease-tax-penalty-for-cannabis-businesses

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