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
All states but one that impose a sales and use tax now have laws requiring out-of-state companies to collect tax if they have a significant economic presence in a state. The Governor of Missouri, the last remaining state, is...more
Overriding the governor’s veto of H.B. 732 (2020), the Maryland Senate on February 12, 2021 passed the nation’s first state tax on the digital advertising revenues pulled in by large companies. This development follows...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
As reported in our earlier blog post The CARES ACT – Tax Relief, the federal CARES Act provides for forgiveness of indebtedness for eligible recipients of Paycheck Protection Program (“PPP”) loans in an amount equal to the...more
California’s Proposition 13 prevents the assessed value of California real property from increasing by more than 2% per year, unless there is a change of ownership or completion of new construction. On November 3, 2020,...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