Ganjapreneur
Rhode Island Governor Dan McKee is proposing tax relief for cannabis operators by decoupling state and federal taxes, aiming to alleviate the financial burden imposed by IRS code 280E on the industry, with potential savings estimated in the millions.
The tax relief language is supported by Cannabis Control Commission (CCC) Chair Kim Ahern, who attended the House Finance Committee meeting last week addressing the governor’s budget proposal, the report said. Lawmakers have not yet voted on the budget proposal.
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Rhode Island Gov. Wants to Give Cannabis Industry 280E Tax Workaround
