New Mexico: State Court of Appeals ruling that medical marijuana producers can claim a tax deduction for prescription medication

New Mexico: State Court of Appeals ruling that medical marijuana producers can claim a tax deduction for prescription medication

SANTA FE – A state Court of Appeals ruling that New Mexico medical marijuana producers can claim a tax deduction for prescription medication could affect prices for 80,000 or so enrolled patients statewide – and the state budget. The ruling, which overturned a hearing officer’s decision, could carry a multimillion-dollar price tag for the state Taxation and Revenue Department, which had denied medical cannabis producers’ applications for gross receipts tax refunds for years. “There’s a direct potential fiscal implication to the state,” said Sen. Jacob Candelaria, D-Albuquerque, who added that lawmakers will have to set aside enough funding to cover…

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Source : CANNANNEW REPORT
Link to original : New Mexico: State Court of Appeals ruling that medical marijuana producers can claim a tax deduction for prescription medication
reposted by Cannabis News World

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