By decoupling the IRS tax code from the state’s tax code, cannabis operators may now operate like any other legal enterprise in New Jersey.
into law this week that makes it possible for New Jersey cannabis businesses to deduct some expenses on state tax returns by decoupling them from federal rules.
Since cannabis is federally prohibited, cannabis businesses were not allowed to deduct expenses like normal businesses would . Under the new state law, the business subject to the corporation business tax will be allowed to deduct from income all ordinary expenses associated with managing a licensed cannabis business, including the opportunity to qualify for research and development deductions.
Legislation written by our Cannabis Interest Group that ends NJ’s unfair tax treatment of cannabis businesses was signed yesterday by Governor Murphy:
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