small business tax equity act

U.S.: Rep. Blumenauer, Sen. Wyden Announce Tax Reform For Legal Marijuana Businesses

EarlBlumenauerAndRonWyden[wn.com]

Representative Earl Blumenauer (D-OR) and Senator Ron Wyden (D-OR) on Thursday announced plans to introduce bicameral legislation next week that would reconcile state marijuana laws and federal tax law.

The Small Business Tax Equity Act, which was introduced last Congress by Congressman Blumenauer, would create an exception to Internal Revenue Code Section 280E to allow marijuana businesses operating in compliance with state law to take deductions associated with the sale of marijuana like any other legal business.

“More than two-thirds of Americans now live in jurisdictions that have legalized either the medical or adult use of marijuana,” said Congressman Blumenauer. “It’s time for the federal government to catch up."

"Section 280E creates an unequal and unrealistic tax burden on these businesses," Blumenauer said. "I’m excited to work with Senator Wyden in introducing the Small Business Tax Equity Act, which would bring much needed fairness and level the playing field for small businesses that follow state laws and create jobs.”

“Our legislation would provide an overdue update to federal tax law, which has not caught up to the fact that it’s 2015 and Oregonians have voted both to legalize medical marijuana and to regulate marijuana for recreational use,” Senator Wyden said. “This is a question of standing up for the people of Oregon, and ensuring that the federal government respects the decision Oregonians have made at the ballot box.”

Syndicate content