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- Is recreational cannabis business expenses deductible on NM return?
Is recreational cannabis business expenses deductible on NM return?
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helenfain
Level 1
11-21-2022
11:18 AM
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Recreational cannabis is legal in NM. NM taxable income uses federal taxable income which disallows cannabis business deductions that are not part of COGS (Section 280E). Does NM still allow these business deductions or do they follow the federal?
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Terry53029
Level 14
11-21-2022
01:44 PM
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I found this by googling your question.
