Help for California’s fledgling cannabis industry finally appears to be on the way. For years, the industry has shouldered heavy taxes – a 15% state-wide excise tax, sales and use taxes up to 10.75%, and local business...more
7/6/2022
/ California ,
Cannabis Products ,
Cannabis-Related Businesses (CRBs) ,
Governor Newsom ,
Marijuana ,
Marijuana Cultivation ,
Marijuana Related Businesses ,
New Legislation ,
State and Local Government ,
State Legislatures ,
Tax Credits ,
Taxation
On July 16, 2021, Governor Newsom signed California Assembly Bill 150 into law, allowing certain owners of passthrough entities to find a way around the current $10,000 federal cap on state and local tax (SALT) deductions for...more
On April 29, 2021 Governor Newsom signed California A.B. 80, largely conforming to Federal rules relating to deductibility of expenses paid with funds from forgiven Paycheck Protection Program (PPP) loans. The $150,000...more
On November 3, 2020, California voters decided a number of state and local tax-related ballot measures. The most significant tax increase, the property tax “split roll” initiative, and some other local tax increases were...more
Executive Order N-40-20, signed by Governor Newsom on March 30, 2020, offers additional California tax relief to businesses and individuals. Below is a summary of significant business tax-related relief available as of April...more