Texas does not have a state corporate income tax, but it does have a state franchise tax on business gross receipts The us tax code at the federal level has over 8 million words It’s therefore easy for someone to look at one small part while being unaware of how it fits into the wider picture One area that has received much scrutiny and been the subject of much discussion is the definition of a foreign financial institution or ffi for fatca purposes Medical cannabis is exempt from the cannabis excises but subject to the 7% sales tax and a separate 4% compassion center surcharge on medical receipts. Understanding new jersey’s cannabis tax structure 280e decoupling benefits (state level) legal cannabis businesses can deduct ordinary and necessary business expenses (e.g., wages, rent, marketing) on their state returns
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