Oregon Representative Earl Blumenauer this week introduced legislation in the U.S. House of Representatives that would allow regulated cannabis companies to take tax deductions commonly enjoyed by businesses in other industries. The bill, known as the Small Business Tax Equity Act, was introduced by Blumenauer on Monday, with bipartisan co-sponsorship by fellow Democrat Representative Barbara Lee of California, as well as South Carolina’s Representative Nancy Mace and Representative David Joyce of Ohio, both Republicans.
Under Section 280E of the federal tax code, cannabis businesses are denied most tax deductions offered to companies in other industries. State-legal marijuana companies are permitted
Read full article on High Times
