Exempts property and services used in cannabis cultivation for adult-use from sales and compensating use taxes.

This bill amends the tax law to exempt certain property and services used in the cultivation of cannabis for adult-use from sales and compensating use taxes. Specifically, it modifies the tax law to include an exemption for tangible personal property used predominantly in cannabis cultivation, as defined by the cannabis law. This exemption applies to property used in the production phase of farming, commercial horse boarding operations, or cannabis cultivation under specific licenses.

Exempts property and services used in cannabis cultivation for adult-use from sales and compensating use taxes.

This bill amends the tax law to exempt certain property and services used in the cultivation of cannabis for adult-use from sales and compensating use taxes. Specifically, it modifies the tax law to include an exemption for tangible personal property used predominantly in cannabis cultivation, as defined by the cannabis law. This exemption applies to property used in the production phase of farming, commercial horse boarding operations, or cannabis cultivation under specific licenses.