NJ lawmakers send tax relief bill to Gov. Murphy
Lawmakers have sent tax relief to the governor’s desk after the Senate advanced S340 this week (the Assembly previously advanced their version of the legislation, A3946). The legislation would strike the corporate business tax and the S corporation income from the gross income tax section in federal tax code, which bars deductions and credits for cannabis business owners
The Senate bill is sponsored by Sens. Troy Singleton and Shirley Turner.
“We have seen here in New Jersey, and around the country, that legal cannabis businesses tend to lack diversity both in gender and race amongst its ownership ranks. This proposal would aim to level the playing field for all cannabis businesses,” Singleton said in a statement upon the bill’s passage. “It would ensure that dispensaries are paying a fair amount of taxes by taking into account critical business expenditures and allowing these deductions from their income.”
Rep. Blumenauer rounds up support to push Pres. Joe Biden on cannabis scheduling.
Oregon Rep. Earl Blumenauer is circulating a Dear Colleague letter to Congressional colleagues, seeking their support and signatures for his letter to the Biden-Harris Administration, which asks Biden to deschedule cannabis. Cannabis Wire obtained a copy.
Blumenauer, co-chair of the Congressional Cannabis Caucus, wrote that, as the “agencies conduct their reviews and Congress works to advance necessary cannabis legislation, the Administration should deschedule marijuana or demonstrate that marijuana is indisputably more prone to abuse than stimulants and depressants regulated outside of the Controlled Substances Act.”
Michigan regulators announce municipal funding from tax dollars.
The Michigan Department of Treasury announced that nearly $60 million is headed to 224 municipalities.
The funding, part of the Michigan Regulation and Taxation of Marijuana Act, will go to 81 cities, 26 villages, 53 townships and 64 counties, “over the next few days.” Localities are eligible for more than $51,800 for each licensed shop and microbusiness located within its borders.
In addition to the funding for localities, the state is sending nearly $70 million to the School Aid Fund for K-12 education and another nearly $70 million to the Michigan Transportation Fund.
