Tax laws

New Medical Marijuana Income Tax Laws Come Into Effect In Louisiana At The Beginning Of The New Year | News


BATON ROUGE, Louisiana – Louisiana’s medical marijuana program will offer raw cannabis to its patients to smoke, and the state will change its income tax calculations as more than two dozen new laws come into effect. force Saturday with the start of the new year.

Most of the new laws were passed in the ordinary legislative session that lawmakers concluded in June. Voters approved the income tax changes in the fall after lawmakers sent the measure to the ballot for consideration.

MEDICAL CANNABIS

The expansion of Louisiana’s medical marijuana program under the law sponsored by Rep. Houma Tanner Magee, the second House Republican, is expected to offer residents of the state a cheaper form of cannabis to treat their problems health.

State dispensaries sell medical marijuana in the form of liquids, topical applications, inhalers, and edible gummy candies. Legislation that came into effect in January adds raw marijuana in smokable form to this list of products already available for sale. Because it involves less processing, raw marijuana should be cheaper for patients.

Lawmakers have gradually expanded the rules for Louisiana’s medical marijuana program since the distribution framework was enacted in 2015.

INCOME TAX CHANGES

Louisiana taxpayers will see their income tax rates and deductions changed during taxable periods starting in 2022, as part of a package of bills passed by the legislature and approved by voters when they are passed. accepted in the November elections the constitutional changes involved.

The changes will eliminate personal income tax and corporate tax deductions for federal income taxes paid in exchange for lower tax rates. Most of the excess itemized deductions taken by middle and top incomes will disappear.

An economic analysis of the changes – carried out by the non-partisan Legislative Tax Office – said most individual income taxpayers who do not detail will get a tax cut while those who detail will likely pay more, and find that less. 2% of those who file corporate tax returns will see the tax bill go up.

Tax changes may not be obvious until people file their taxes for the year 2022.

OTHER NEW LAWS

Other new provisions coming into force include tax credits and deductions available to families after the delivery of a stillborn child, for funeral and burial costs associated with a pregnancy-related death. and for the adoption of a child in foster care.

Meanwhile, some training policies required by lawmakers to tackle police misconduct in Louisiana begin on Saturday. In addition, law enforcement agencies should have detailed policies in place on when body and dash cams should be turned on by officers who have them.