We have taken the position since the beginning that cannabis businesses are OK for the Qualified Opportunity Zone (QOZ) program, despite what former Treasury Secretary Mnuchin said on the subject.
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Now when New York has legalized the use of recreational marijuana, how will that impact my Opportunity Zone investments in the cannabis area?
Can I defer additional taxes? Can I make my cannabis business a QOZB?
Answers
New York's legalization of recreational marijuana will have no effect on the federal tax treatment of your opportunity zone investments in the cannabis area.
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