A bill pending before Connecticut state lawmakers would allow businesses in the state’s nascent cannabis industry to take tax deductions commonly enjoyed by firms in other industries. If passed by the legislature and signed into law, the legislation is projected to save businesses in the cannabis industry $4.7 million in the fiscal year starting July 1, growing to nearly $10 … [Read more...] about Connecticut Bill Would Allow State Tax Deductions for Cannabis Businesses
DIE 280E
Small Business Tax Equity Act Introduced in US House to Provide Relief to Cannabis Industry
U.S. Rep. Earl Blumenauer introduced legislation April 17 that would provide tax relief to the cannabis industry by allowing state-legal cannabis businesses to take deductions like any other legal business. The Small Business Tax Equity Act would create an exception to Internal Revenue Code Section 280E that would allow business operators to take deductions related to the sale … [Read more...] about Small Business Tax Equity Act Introduced in US House to Provide Relief to Cannabis Industry
