Beginning next year, the state of California will allow cannabis business owners to receive tax credits for company expenses.
At the end of June, Gov. Gavin Newsom signed into law AB 195, a broad cannabis tax relief bill. As part of the new law, California will allow two new tax credits for cannabis businesses for the tax years 2023 through 2027.The other credit is for cannabis “equity” licensees. Business owners will be able to claim the credits against corporate franchise and income taxes or personal income taxes.
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