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Rachel Gillette (Photo courtesy of Holland & Hart)
The No Deductions for Marijuana Businesses Act, proposed by U.S. Sens. James Lankford and Pete Ricketts, would codify the application of Section 280E of the Internal Revenue Code against cannabis businesses operating in compliance with state laws – even if marijuana were to be reclassified as a Schedule 3 drug under the Controlled Substances Act.
A few weeks later, seven more congressional Republicans doubled down on this effort, introducing similar legislation seeking to permanently disallow any tax deduction or credit for businesses engaged in selling marijuana.
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In practice, 280E taxes cannabis companies at much higher rates than other
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