Adult-use cannabis legalization was passed in New York State when Governor Andrew Cuomo signed the Marijuana Regulation & Taxation Act (the “MRTA”) into law on March 31, 2021, after the Governor had previously attempted to include the legalization of adult-use cannabis in his last three budget proposals. The MRTA is expected to create significant economic opportunities for New Yorkers and
Continue Reading A High Tax State – New York’s Potency Tax on Adult-Use Cannabis
Section 280E – Why Are We Still Having This Discussion?
By Stanley Jutkowitz on
Posted in Tax
If you are in the cannabis industry, you should already know Section 280E of the Internal Revenue Code. It consists of only one sentence:
No deduction or credit shall be allowed for any amount paid or incurred during the taxable year in carrying on any trade or business if such trade or business (or the activities which comprise such trade…
Continue Reading Section 280E – Why Are We Still Having This Discussion?