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SMALL BUSINESS NEWS

Apr 2019

 

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Giving Tax Incentives to Marijuana Companies

A new bill (H.R. 1118) was introduced in congress that will amend the Internal Revenue Code of 1986 to allow deductions and credits relating to expenditures in connection with marijuana sales conducted in compliance with State law.

 

Currently Section 280E of the Internal Revenue Code of 1986 states that “No deduction or credit shall be allowed for any amount paid or incurred during the taxable year in carrying on any trade or business if such trade or business (or the activities which comprise such trade or business) consists of trafficking in controlled substances (within the meaning of schedule I and II of the Controlled Substances Act) which is prohibited by Federal law or the law of any State in which such trade or business is conducted.

 

Hence, H.R. 1118 was introduced to change that to treat marijuana businesses like all other businesses with regard to deductions and credits.  This will positively impact the growing marijuana industry that is also creating jobs.

 

According to Leafly as of 2018 the legal marijuana industry was worth $10.4 billion.  The estimated number of people employed by the marijuana industry was 250,000.  A quarter-million of those jobs were devoted just to the handling of marijuana plants.  So far thirty three (33) states have legalized medical marijuana use, with six (6) more considering it in 2019.

 

 

 

 

 

Sources:
H.R. 1118
Section 280E of the Internal Revenue Code of 1986
Leafly

 

By Bill Williams

 

 

 

 

 

 

 

 

 

 
 

 

  
 

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