- Brandon Cantarella
2 Bills on Cannabis Companies Pass NJ Legislative Committee
Two bills affecting New Jersey cannabis companies’ taxes and investment passed a legislative committee in the State house today.
A bill allowing cannabis companies to deduct their business expenses from their state taxes passed a New Jersey legislative committee.
A 3946 was introduced by Assemblywoman Annette Quijano (D-Union) and passed the NJ Assembly Oversight, Reform, and Federal Relations Committee.
Quijano explained the Reagan administration enacted the barrier in Section 280-E of the IRS Tax Code, which prohibits drug traffickers from deducting their expenses.
“New Jersey and many other states prohibited deducting common business expenses from the state business taxes also,” she noted.
To read the full article featuring comments from NJCTA members' Bryan Murray, Susanna Short and Todd Johnson, visit: https://headynj.com/2-bills-on-cannabis-companies-pass-nj-legislative-committee/