California Governor Vetoes State Tax Deduction Bill For Cannabis Businesses

California Gov. Jerry Brown vetoed a bill that would have given a tax break to all licensed marijuana businesses, dealing a setback to MJ companies hoping to reduce their state tax bills.

The measure – Assembly Bill 1863, approved by the Legislature earlier this summer – would have allowed licensed cannabis companies to take tax deductions under the state Personal Income Tax Law. If Brown had signed the measure into law, it would have gone into effect for the 2018 tax year.

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