#cannabispolitics – “This legislation will establish a carryforward cannabis tax credit that is 25% the amount of the following qualified business expenditures paid or incurred for in a taxable year and not to exceed $250,000: employee compensation — that is equal to or above 150% of minimum wage including benefits — for the employees of the business, safety-related equipment and services, and workforce development and safety training for employees. These credits will help relieve small businesses just getting by and guarantee a more robust legal market that provides better access and safety for consumers.
In the case where the credit allowed exceeds the net tax, the excess may be carried over to reduce the net tax in the following taxable year, and the seven succeeding years if necessary, until the credit is exhausted. This credit can be taken against applicable taxes until 2028. Additionally, the legislation disallows a business expense deduction or other tax credit for the same costs that generate the credit created by the bill.”