Medical hashish is now tax-free in New Jersey as provisions of the Jake Honig Compassionate Use Medical Hashish Act implementing the tax reduce took impact on July 1, NJ Biz experiences. Previous to the ultimate reductions, medical hashish was the one drugs within the state topic to tax.
Earlier than July 1, 2020, medical hashish in New Jersey was topic to a 6.625% tax, which is the state’s gross sales tax. Jake’s Regulation diminished that tax to 4% on July 1, 2020; 2% on July 1, 2021; and absolutely diminished the tax on July 1, 2022.
Honig was a 7-year-old New Jersey boy with mind most cancers whose signs have been partially relieved by medical hashish. He handed away in 2018 following a five-year most cancers battle and state lawmakers handed the invoice together with his namesake on July 2, 2019.
Grownup-use hashish taxes are not affected by Jake’s Regulation.
A number of different states, together with Alaska, Delaware, Louisiana, Maryland, Massachusetts, Minnesota, New Hampshire, Oregon, Pennsylvania, Utah, Vermont, and Washington don’t levy gross sales taxes on medical hashish gross sales. Medical hashish gross sales in Arizona, Arkansas, California, Colorado, Connecticut, Florida, Hawaii, Illinois, Iowa, Maine, Michigan, Mississippi, Missouri, Montana, Nevada, New York, North Dakota, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Dakota, Washington, D.C., and West Virginia are both topic to state taxes, excise taxes – or a mix of each – or companies are required to pay gross receipts taxes and that value could possibly be handed on to sufferers.
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