Taxable Income of Licensed Medical Marijuana Treatment Centers
Taxable Income of Licensed Medical Marijuana Treatment Centers
Allows exclusion of certain small business income from taxation under gross income tax and corporation business tax.
Eliminates requirement that taxpayer that qualifies as S corporation for federal tax purposes affirmatively elect New Jersey S corporation status for purposes of corporation business and gross income taxes.
Allows taxpayers to deduct cost of certain depreciable assets under corporation business and gross income taxes.
Corporate Income Tax Liability
Individual income tax and corporate franchise tax phased out.
Individual income tax and corporate tax phasing out provision
Permits deduction of 20 percent for qualified business income for certain individuals as owners of pass-through entities under gross income tax and corporation business tax.