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Bill > S340
NJ S340
NJ S340Decouples State tax provisions from federal prohibition on cannabis business deductions.
summary
Introduced
01/11/2022
01/11/2022
In Committee
01/19/2023
01/19/2023
Crossed Over
Passed
Dead
01/08/2024
01/08/2024
Introduced Session
2022-2023 Regular Session
Bill Summary
Decouples State tax provisions from federal prohibition on cannabis business deductions.
AI Summary
This bill decouples state tax provisions from the federal prohibition on cannabis business deductions. Specifically, it allows cannabis licensees to deduct from their New Jersey gross income any expenditures that are eligible for a federal income tax deduction but are disallowed because cannabis is a controlled substance under federal law. The bill also allows cannabis licensees to deduct research and experimental expenditures related to cannabis that would qualify as a specified research or experimental expenditure under the federal Internal Revenue Code. The bill applies to taxable years beginning on and after January 1, 2023.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Substituted by A3946 (2R) (on 02/27/2023)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2022/S340 |
| Fiscal Note - Fiscal Estimate 3/2/23 1R | https://pub.njleg.gov/Bills/2022/S0500/340_E2.PDF |
| BillText | https://pub.njleg.gov/Bills/2022/S0500/340_R1.HTM |
| Analysis - Statement SBA 1/19/23 | https://pub.njleg.gov/Bills/2022/S0500/340_S1.PDF |
| BillText | https://pub.njleg.gov/Bills/2022/S0500/340_I1.HTM |
| Bill | https://pub.njleg.gov/Bills/2022/S0500/340_I1.PDF |
| Fiscal Note - Fiscal Estimate 12/16/22; as introduced | https://pub.njleg.gov/Bills/2022/S0500/340_E1.PDF |
| BillText | https://www.njleg.state.nj.us/Bills/2022/S0500/340_I1.HTM |
| Bill | https://www.njleg.state.nj.us/Bills/2022/S0500/340_I1.PDF |
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