New Jersey bill seeks tax credit program for marijuana businesses

A New Jersey assemblywoman plans to propose a bill that would create a tax credit program for cannabis businesses in urban enterprise zones if the state legalizes recreational marijuana.

Democrat Annette Quijano, chair of the Assembly Judiciary Committee and deputy majority leader, got the idea for the bill from Nevada lawmakers while she was on a marijuana industry fact-finding trip last month, NJ.com reported.

The bill would create a five-year pilot plan, known as the “New Jersey Green Development and Growth Program.”

The program would allow a “qualifying business” in an urban enterprise zone to claim credits against either its gross income tax bill or credits against the business’ corporation business tax bill.

Quijano also plans to propose a bill that would facilitate the expunging of convictions for marijuana possession, according to NJ.com.

The bills are to be filed Monday, the outlet reported.

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