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Bill > A3946
NJ A3946
NJ A3946Decouples State tax provisions from federal prohibition on cannabis business deductions.
summary
Introduced
05/12/2022
05/12/2022
In Committee
01/19/2023
01/19/2023
Crossed Over
02/27/2023
02/27/2023
Passed
02/27/2023
02/27/2023
Dead
Signed/Enacted/Adopted
05/08/2023
05/08/2023
Introduced Session
2022-2023 Regular Session
Bill Summary
An Act concerning business deductions incurred in carrying on a cannabis business, amending P.L.1945, c.162 and P.L.1993, c.173, and supplementing Title 54A of the New Jersey Statutes.
AI Summary
This bill decouples New Jersey's state tax provisions from the federal prohibition on cannabis business deductions. Specifically, the bill allows cannabis licensees to deduct any expenditure that would be eligible for a federal income tax deduction but is disallowed because cannabis is a controlled substance under federal law. Additionally, the bill allows cannabis licensees to deduct expenditures that would qualify as specified research or experimental expenditures under federal law. The bill also grants the director of the Division of Taxation the authority to adopt regulations necessary to implement these provisions.
Committee Categories
Budget and Finance, Government Affairs
Sponsors (7)
Clinton Calabrese (D)*,
Linda Carter (D)*,
Annette Quijano (D)*,
Troy Singleton (D)*,
Shirley Turner (D)*,
Carol Murphy (D),
Sterley Stanley (D),
Last Action
Approved P.L.2023, c.50. (on 05/08/2023)
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/A3946 |
| BillText | https://pub.njleg.gov/Bills/2022/PL23/50_.HTM |
| BillText | https://pub.njleg.gov/Bills/2022/AL23/50_.HTM |
| Fiscal Note - Fiscal Estimate 3/2/23 2R | https://pub.njleg.gov/Bills/2022/A4000/3946_E2.PDF |
| BillText | https://pub.njleg.gov/Bills/2022/A4000/3946_R2.HTM |
| Analysis - Statement SBA 1/19/23 1R | https://pub.njleg.gov/Bills/2022/A4000/3946_S2.PDF |
| Fiscal Note - Fiscal Estimate 10/7/22; 1R | https://pub.njleg.gov/Bills/2022/A4000/3946_E1.PDF |
| BillText | https://pub.njleg.gov/Bills/2022/A4000/3946_R1.HTM |
| Bill | https://pub.njleg.gov/Bills/2022/A4000/3946_R1.PDF |
| Analysis - Statement AOF 9/29/22 | https://pub.njleg.gov/Bills/2022/A4000/3946_S1.PDF |
| BillText | https://pub.njleg.gov/Bills/2022/A4000/3946_I1.HTM |
| Bill | https://pub.njleg.gov/Bills/2022/A4000/3946_I1.PDF |
| BillText | https://www.njleg.state.nj.us/Bills/2022/A4000/3946_I1.HTM |
| Bill | https://www.njleg.state.nj.us/Bills/2022/A4000/3946_I1.PDF |
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