A New Jersey Senate panel advanced a bill that would give the state’s burgeoning cannabis industry similar abilities as companies in other sectors to apply business tax deductions.
The chamber’s Budget Committee voted unanimously Thursday on bill (S340) that would decouple the state’s corporate business tax from federal rules prohibiting the deductions and credits for cannabis businesses.
The measure now heads to the full Senate for a vote. If it succeeds, it would allow a cannabis business to deduct ordinary and necessary business expenses for state tax purposes, including qualifying research and development expenses.
The deduction also would ...
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