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The New Jersey Treasury Division of Taxation just lately introduced that, efficient July 1, gross sales tax on medical marijuana is diminished to 4% from the earlier 6.625% gross sales tax fee (the speed imposed underneath the state’s “Sales and Use Tax Act”). The tax discount is the primary of three scheduled tax reductions designed to get rid of the gross sales tax on medical hashish gross sales within the Garden State.  

The 4% gross sales tax fee will apply via June 30, 2021, when the tax fee will probably be diminished to 2% till June 30, 2022. Then, efficient July 1, 2022, medical marijuana gross sales is not going to be taxed.

Full report. https://www.cannabisbusinesstimes.com/article/nj-lowers-medical-marijuana-sales-tax/

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