New Mexico court allows medical marijuana tax deduction
Marijuana Industry NewsNew Mexico February 2, 2020 MJ Shareholders 0
SANTA FE, N.M. (AP) – Medical marijuana producers in New Mexico can claim a tax deduction for prescription medication, a move that could affect prices for thousands of enrolled patients, according to a state Court of Appeals ruling.
The 11-page ruling means lawmakers must soon set aside funding to cover the tax claims, which could carry a multimillion-dollar price tag for the state Taxation and Revenue Department, Albuquerque Journal reported.
The agency has reviewed the ruling and is weighing legal options, tax department officials said. The department has until Feb. 27 to appeal the ruling. [Read More @ Washington Times]
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