Under the Internal Revenue Service (IRS) code 280E, the marijuana industry remains blocked from taking federal deductions, which precludes entities that illegally sell Schedule I or II drugs from key tax deductions in their federal filings.
However, as partial relief, the New Jersey Assembly passed a bill that would allow licensed cannabis businesses to deduct certain expenses on their state tax returns. The legislation, introduced by Assemblymember Annette Quijano (D) passed the House in a 60-6 vote.
Assemblyman Kevin J. Rooney (R-40) today renewed his calls for safer cannabis storage in the wake of increased incidents involving children and teens accidentally consuming marijuana edible products.
Assemblyman Rooney’s bill, A4408, requires cannabis products to be stored in a locked container. The bill establishes civil penalties to be enforced for failure to store cannabis products in a locked box or container.
The compromise bill on its way to the governor’s desk makes it so youth would be subject to a written warning if they’re caught with cannabis. lawmakers feel this should satisfy Murphy and motivate him to sign the implementation bill, as well as a separate piece of legislation concerning the decriminalization of possession, which could take place as early as Monday.
Update: After this story was published, the Assembly cancelled its Friday voting session and five committee meetings slated for the same day.
Lawmakers in the Senate reversed course Thursday after abandoning an effort to pass a marijuana cleanup bill they hope will convince Gov. Phil Murphy to sign legalization and decriminalization bills on his desk a day earlier, and Assembly leaders are discussing delaying proceedings set for Friday to provide more time for negotiations, the New Jersey Globe has learned.
New Jersey lawmakers on Thursday approved legislation to regulate and launch an adult-use marijuana market next year that’s expected to become the largest on the East Coast with sales approaching $1 billion in a few years.
Passage of the implementation bill by the Assembly and the Senate comes six weeks after residents voted to legalize adult use at the ballot box.
A New Jersey Assembly voting session that had been scheduled for Monday and was to include a measure setting up the new recreational marijuana market has been canceled, Speaker Craig Coughlin said Friday.
Coughlin, a Democrat, said it was clear the legislation wouldn’t get final approval because of differences between his chamber’s bill and one in the Democrat-led Senate.
“The Assembly’s approach for producing fair and responsible legislation is to be thoughtful and deliberative,” he said in a statement.
New Jerseyans are tantalizingly close to having a constitutional right to use cannabis — but not yet. And based on what happened at the Statehouse on Thursday, not nearly as soon as lawmakers had hoped.
After a pair of committee hearings, Democratic leaders in the Senate and Assembly remain far apart on key provisions of enabling legislation that sets the legal and regulatory framework for the state’s legalization amendment, which takes effect Jan. 1.
New Jersey lawmakers took another step toward making medical marijuana expenses eligible for workers' compensation and some other insurance coverage Monday.
The state Assembly appropriations committee advanced a bill (A1708) that requires workers' compensation and personal injury protection (PIP) auto insurance benefits to cover medical marijuana under certain circumstances. The person must be a patient enrolled in the state’s medical marijuana program.
The protests in New Jersey and nationwide against police brutality and the recent killings of African Americans have finally prodded state legislators to move toward ending marijuana enforcement that disproportionately falls on minorities.
A state Senate bill introduced last month would decriminalize possession of up to a pound of marijuana, sometimes called cannabis for the scientific name of the narcotic plant. Instead of arrest, a first offender would receive a written warning, and subsequent offenses would bring a $25 fine.
On Thursday, members of the New Jersey state Assembly approved a substitute version of A1897 by a 63-10 vote, with five abstentions. As currently written, the measure decriminalizes the possession and distribution of up to two ounces of marijuana by adults — making these activities punishable by a $50 fine. Those found to be in violation of the law will no longer be arrested or saddled with a criminal record.