New Jersey Moves To Lower Medical Cannabis Sales Tax

Tha cannabis Business Times reports..

The New Jersey Treasury Division of Taxation recently announced that, effective July 1, sales tax on medical marijuana is reduced to 4% from the previous 6.625% sales tax rate (the rate imposed under the state’s “Sales and Use Tax Act”). The tax reduction is the first of three scheduled tax reductions designed to eliminate the sales tax on medical cannabis sales in the Garden State.  

The 4% sales tax rate will apply through June 30, 2021, when the tax rate will be reduced to 2% until June 30, 2022. Then, effective July 1, 2022, medical marijuana sales will not be taxed.

Full report.

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