Tag: tax deductions

Legislation to Reform Tax Laws for Cannabis Businesses Filed in U.S. House and Senate

U.S. Representative Earl Blumenauer (D-OR) and Senator Ron Wyden (D-OR) have introduced the Small Business Tax Equity Act of 2015 in both the House and the Senate. The bill would end unfair taxation issues faced by legal, state-sanctioned cannabis businesses by altering Section 280E of the federal tax code. “The small businesses that make up …

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Federal Bills to Amend IRS Code to Allow Tax Deductions by Cannabis Businesses Announced

Today, Representative Earl Blumenauer (D-OR-03) and Senator Ron Wyden (D-OR) announced plans to introduce bicameral legislation next week that would reconcile state cannabis laws and federal tax law. The Small Business Tax Equity Act, which was introduced last Congress by Congressman Blumenauer, would create an exception to Internal Revenue Code Section 280E to allow cannabis …

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