New Jersey Governor Phil Murphy this week signed legislation to grant standard business tax deductions to licensed cannabis companies in a move designed to improve the viability of the state’s regulated marijuana industry. The measure, which decouples New Jersey’s tax laws from Section 280E of the federal tax code, was signed by Murphy on Monday following passage of the bill by the state legislature in February.
In many states that have legalized cannabis for recreational or medical use, tax laws follow the lead of Section 280E of the federal tax code, which denies most standard business tax deductions for cannabis
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