Americans for Tax Reform Endorses Change in Federal Law to Allow Cannabis Businesses to Deduct Taxes

Next week Americans for Tax Reform – founded and headed by ultraconservative Grover Norquist – will hold a joint press conference withATR1 the National Cannabis Association to call for a change in federal tax laws to allow cannabis businesses to take standard tax reductions, in states where they’re legal.

In speaking for the Obama Administration, Deputy Attorney General James Cole stated yesterday at a Senate Judiciary Committee hearing that the feds have no official possession on a possible change in the federal tax code; the administration did, however, recently announce that they’re working with banking regulators in order to allow cannabis businesses to legally bank.

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Denver Council Rejects Proposals to Further Restrict Recreational Cannabis, Approves 3.5% Tax

This evening Denver’s City Council finally came to agreement on a tax rate for recreational cannabis,bill-gives-states-marijuana-tax-power-thcf which will be set at 3.5%. During the same meeting, the council rejected two proposals to further restrict recreational cannabis outlets.

Under one of the rejected proposals – which failed by one vote – cannabis retail outlets would have been prohibited from ever moving locations. The second rejected proposal – which failed 5 to 8 – would have prohibited recreational cannabis stores from being located within 2,500 feet from a school, a move which some council members argued would be an “effective ban”.

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Harvard Law School Offers Seminar on “Tax Planning for Marijuana Dealers”

As marijuana legalization – whether for medical or recreational purposes – becomes more mainstream, more people are realizing that the conflict between state and federal law is nothing short of a cluHarvardsterfuck, which results in confusing tax issues for those who are distributing marijuana legally under state law – such as medical marijuana dispensaries in California. Harvard professors have started to take note, recently offering a tax seminar that explicitly covered how to handle taxes – specifically obtaining tax deductions – even if you’re running a federally illegal marijuana business.

The seminar was presented yesterday, April 24th, by Professor Benjamin Leff of American University’s Law School. Professor Leff was presenting information from a paper he authored, titled, Tax Planning for Marijuana Dealers.

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