Tax Change Needed to Level the Playing Field for Small Businesses, Minorities and Women in Cannabis Marketplace
That’s why the New Jersey Society of CPAs (NJCPA) supports legislation (S3240) introduced in December by Senator Troy Singleton (D-7) that would decouple New Jersey from §280E for businesses with less than $15 million of gross receipts. While we would prefer decoupling for all cannabis businesses, it is most important for small businesses, many of which are minority- and women-owned. Larger operators generally have enough cash on hand to withstand the drain on profits that §280E will cause in initial years, but smaller businesses often do not.