After New Jersey voters approved a ballot measure to legalize recreational marijuana this week, the New Jersey Society of CPAs is calling on state lawmakers and regulators to pass legislation and rules to allow cannabis merchants to deduct business expenses. Voters in the Garden State approved a constitutional amendment to legalize the recreational use of cannabis. However, the NJCPA said lawmakers still have to pass legislation to enable recreational cannabis sales and then the state’s Cannabis Regulatory Commission needs to draft a regulatory framework. Cannabis businesses currently don’t have access to the business expensing tax break even though it’s available to all other New Jersey businesses, the NJCPA pointed out.
Sean Hocking, Cannabis Law Report, 11/05/2020 19:41:40