Proposed Amendment Would
Fix Marijuana Tax Treatment – UPDATE
I reported on Friday that Senator Cory Gardner (R-CO) proposed two amendments (Amendments) to the Republican tax bill (Bill) to fix a problem that has plagued the legal cannabis industry since it inception, section 280E of the tax code. The Amendments were to be part of the Bill, which passed the Senate late Friday night.
Unfortunately, Senator Gardner pulled the Amendments from consideration and they were not voted on nor made part of the new tax law. It is disappointing that the Senator withdrew the Amendments. This was a significant opportunity to remedy the longstanding and wholly unfair way that the US Tax Code treats lawful marijuana businesses. I recommend that you contact your representatives in Congress and let them know that 280E needs to be repealed, at least as to state-lawful marijuana businesses.