N.J. CPAs Want to Scrap Pot Business Tax

Just two days after New Jersey residents voted to legalize cannabis, the head of the state’s largest group of accountants is calling on local lawmakers to decouple from a hated pot business tax.

Section 280E of the Internal Revenue Code strictly limits what expenses cannabis businesses can deduct on their taxes. As legislators develop regulations for the Garden State’s new REC market, the CEO and executive director of the New Jersey Society of Certified Public Accountants