New Jersey Tax Division Issues Updated 2023 Tax Law Summary Concerning Cannabis Licensee Business Deductions

Bloomberg Tax

The New Jersey Division of Taxation May 23 issued a 2023 tax law summary about a law enacted May 8 providing for cannabis licensee business deductions, for individual income and corporate income tax purposes. The summary includes: 1) state cannabis licensees may deduct from their state gross income an amount equal to any expenditure that is eligible to be claimed as a federal income tax deduction, without regard to the Internal Revenue Code (IRC); 2) the net profit and distributive share of partnership income calculated for state gross income purposes also may be determined without regard to the IRC; 3) …

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