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Signed as Law: Connecticut Eliminates State Conformity with IRS Section 280E for Marijuana Businesses

Provisions in the bill also decouple the state tax code from federal law as it applies to deductions for marijuana businesses. In effect, the new law allows marijuana businesses in Connecticut to take tax deductions on their state returns that theyโ€™re currently prohibited from utilizing.
United States New Jersey New Mexico New York Rhode Island Los Angeles

Signed as Law: Colorado Allows Online Payments for Marijuana Despite Federal Prohibition

DENVER, Colo. June 12, 2023 - Earlier this month, Colorado Gov. Jared Polis signed a bill legalizing online payments for marijuana in the state despite ongoing federal cannabis prohibition. Rep. William Lindstedt, Rep. Said Sharbini and Rep. Robert Rodriguez introduced House Bill 1279 (HB1279) on March 30. The new law repeals language in state law
United States Rhode Island New Jersey New Mexico New York Michael Boldin

To the Governor: Illinois Bill Would Eliminate State Conformity with IRS Section 280E for Marijuana Businesses

Last week, the Illinois House gave final approval to a bill that includes provisions that would eliminate the stateโ€™s conformity with Internal Revenue Code (IRC) Section 280E. The enactment of this provision would represent a small, but important state tax relief for marijuana businesses despite ongoing federal cannabis prohibition.
United States Rhode Island New Jersey New York New Mexico Los Angeles

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