Cannabis business owners would be able to deduct expenses on their California income tax returns under a bill headed to Gov. Gavin Newsom (D).
A.B. 37 by Assemblyman Reggie Jones-Sawyer (D) won a final Assembly vote of 57-1 Sept. 9 to accept amendments taken in the Senate. The revised bill passed the Senate Sept. 4; the initial bill passed the Assembly in May.
California legalized marijuana for recreational purposes as of Jan. 1, 2018. Use for medical purposes has been legal since 1996. Because it is still illegal at the federal level, business owners can’t deduct cannabis business ...