The New Jersey Division of Taxation has announced changes to the Social Equity Excise Fee (SEEF) for recreational cannabis, effective January 1, 2024. The new fee will be $1.24 per ounce, a reduction from the 2023 rate of $1.52 per ounce.
Compliance Updates for Class 1 License Holders
Class 1 license holders must file monthly tax returns (SF-100), reporting total ounces sold or transferred and paying the SEEF accordingly. This applies even if there are no sales or transfers during a particular month.
Medicinal Cannabis Exemption
While medicinal cannabis remains exempt from SEEF, alternative treatment centers with a Class 1 Cannabis Cultivator license for recreational sales must still file and pay SEEF on usable ounces sold in the recreational market.
The announcement emphasizes the state’s commitment to a fair cannabis market. Businesses are urged to stay informed to ensure compliance and contribute to the continued growth of the industry.