Missouri Passes Bill to Let Cannabis Companies Take State Tax Deductions

Ganjapreneur report

In a nearly unanimous vote, Missouri lawmakers delivered a bill to the governor that will let the state’s medical cannabis companies deduct ordinary business expenses on their state tax returns.

A bill to allow Missouri’s medical cannabis companies to deduct ordinary business expenses on their state tax returns is headed to Republican Gov. Mike Parson’s desk after near-unanimous legislative approval, St. Louis Public Radio reports.

The law is expected to ease the tax burden of licensed cannabis operators as they are not allowed to take such deductions on their federal filings due to cannabis’ Schedule I status.

The measure simply allows state-approved medical cannabis businesses to claim an income tax deduction in an amount equal to any expenditures which would otherwise be allowed as a federal income tax deduction.

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Missouri Passes Bill to Let Cannabis Companies Take State Tax Deductions

 

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