New Jersey Governor Phil Murphy has signed into law legislation to allow legal marijuana businesses to take standard state-level tax deductions.
The New Jersey senate passed Bill A3946 in February by a vote of 32 to 3, roughly four months after the Assembly passed it by a vote of 60 to 6. Today the measure was signed into law by Governor Murphy.
The legislation is seen as a partial remedy to IRS code 280E, which prevents federally illegal entities from taking tax deductions. Although the measure doesn’t allow marijuana businesses to take federal tax deductions, it would allow them to take the state-level tax deductions the same as any other legal business in New Jersey.
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