US News2021-05-06T13:06:45-07:00

US News

New Jersey Lawmakers Approve Bill Allowing Tax Deductions for Cannabis Businesses As 280E Workaround

The New Jersey Assembly passed legislation that would enable state-licensed cannabusinesses to deduct certain operational expenses from their state tax returns. The move is intended to counter restrictions placed on marijuana businesses from making such deductions under an article in the federal tax code. Internal Revenue Service (IRS) Code 280E prevents businesses dealing in a federally-illegal substance from deducting operating expenses from their tax returns, and this policy is typically ...

November 10, 2022|0 Comments

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