Indopedia All Things Marijuana
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Colorado Republican Senator Cory Gardner has announced that he is co-sponsoring a new bill that would allow any state-legal canna-business to claim the same tax deductions and credits as other small businesses. The Small Business Tax Equity Act, introduced by Democratic Sen. Ron Wyden and Republican Sen. Rand Paul, would put an end to IRS Code 280E, a 1980s-era tax rule stating that “no deduction or credit shall be allowed” to any individual or business involved in “trafficking in controlled substances.”
“Our current tax code puts thousands of legal marijuana businesses throughout Colorado at a disadvantage by treating them differently than other businesses across the state,” said Gardner in a statement. “Coloradans made their voices heard in 2012 when they legalized marijuana and it’s time for the federal government to allow Colorado businesses to compete. This commonsense, bipartisan bill will allow small businesses in Colorado and other states that have legal marijuana businesses to grow their operations, create jobs, and boost the economy.”
In a recent op-ed written for The Cannabist, Florida Representative Matt Gaetz…
