GOP Senator Wants Tax Cut For Marijuana Businesses
A Republican senator from a state where marijuana is legal is pushing this week to give cannabis businesses a measure of tax fairness.
Sen. Cory Gardner of Colorado wants to attach an amendment to a wide-ranging Republican-led tax reform bill that would allow state-legal marijuana growers, processors and sellers to deduct normal businesses expenses from their taxes, just like operators in other industries can.
Under current federal law, a 1980s provision — known as 280E — effectively forces cannabis businesses to pay a much higher tax rate than other companies.
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