September 27, 2024

Bipartisan Bill to Normalize Federal Taxation for Legal Cannabis Businesses Introduced in House of Representatives

 Bipartisan Bill to Normalize Federal Taxation for Legal Cannabis Businesses Introduced in House of Representatives

The Small Business Tax Equity Act provides an exemption for state-licensed cannabis businesses from federal tax code 280E, which prevents anyone engaged in the trade of certain federally prohibited substances from deducting business expenses.
The post Biparti…

Members of the US House of Representatives introduced legislation today to help level the playing field for legal cannabis businesses by normalizing the way in which they pay their federal taxes. 
T…