A state Court of Appeals ruling that New Mexico medical cannabis producers can claim a tax deduction for prescription medication could affect prices for 80,000 or so enrolled patients statewide – and the state budget.
The ruling, which overturned a hearing officer’s decision, could carry a multimillion-dollar price tag for the state Taxation and Revenue Department, which had denied medical cannabis producers’ applications for gross receipts tax refunds for years.
“There’s a direct potential fiscal implication to the state,” said Sen. Jacob Candelaria, D-Albuquerque, who added that lawmakers will have to set aside enough funding to cover the tax claims either this year or next year if the ruling is not appealed.
Read more at abqjournal.com
