New Jersey Allows Cannabis Businesses to Deduct Expenses on State Taxes
CPA Practice
MAY 10, 2023
By Jelani Gibson, nj.com – (via TNS). New Jersey Governor Phil Murphy has signed a bill into law 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 (Section 280E of the IRS Tax Code).
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