New Jersey lawmakers sent the governor legislation on Monday that would allow licensed cannabis businesses to deduct certain expenses on their state tax returns, a partial remedy as the industry continues to be blocked from making federal deductions under Internal Revenue Service (IRS) code known as 280E.
The measure was approved by the Senate in a vote of 32-3 following no debate or discussion on the floor. The legislation previously cleared the Assembly in October and advanced through the Senate Budget and Appropriations Committee last month in a meeting at which senators took up companion measures from their chamber and from the Assembly, making them identical.
The legislation was approved later on Monday in its final form by the Assembly in a 59-8 vote and now heads to Gov. Phil Murphy (D) to potentially be signed into law.
The version from Assemblymember Annette Quijano (D) was previously amended in committee in that body, with members agreeing to remove an earlier provision that would’ve made it so only cannabis licensees with gross receipts less than $15 million would be eligible for state tax deductions.
Read more at marijuanamoment.net