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Tax

Jan. 8, 2020

AB 37: State tax deductions for cannabis businesses

For tax years beginning on or after Jan. 1, 2020 and before Jan. 1, 2025, California's legal cannabis businesses subject to the state's personal income tax (i.e. an entity taxed as a pass through) will be able to claim tax deductions or credits on their California state tax return.

Lysondra Ludwig

Associate
Farella Braun + Martel

Lysondra focuses on the development of tax strategy for a broad range of corporate transactions in the cannabis, renewable energy, real estate, and wine industries. She can be reached at lludwig@fbm.com.

For tax years beginning on or after Jan. 1, 2020 and before Jan. 1, 2025, California's legal cannabis businesses subject to the state's personal income tax (i.e. an entity taxed as a pass through) will be able to claim tax deductions or credits on their California state tax return. Previously, businesses subject to the state's personal income tax were taxed in conformity with federal law. Federal law disallows cannabis businesses to deduct a wide array of ordinary and...

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