Green Report: “Section 280E, which prevents state-legal marijuana companies from deducting otherwise ordinary business expenses from their total income, is one of the biggest obstacles cannabis entrepreneurs run up against. . . . While most companies in the U.S. pay a standard corporate tax rate of 35 percent, cannabis businesses, thanks to 280E, often face effective tax burdens of 70 percent or more. But there is hope on the horizon. Just this week, Sen. Cory Gardner’s press secretary said the senator ‘plans to file an amendment’ to the sweeping Senate tax overhaul bill that would reform 280E so it no longer applies to marijuana businesses operating in accordance with state and local laws,”
Cannabis Companies Crossing Fingers For 280E In Tax Vote
By On the Net|2017-12-05T18:15:49-07:00December 1st, 2017|Legal Issues, Stories & Articles, Tax Issues|Comments Off on Cannabis Companies Crossing Fingers For 280E In Tax Vote
About the Author: On the Net
The author of this article is
Richard Keyt, an Arizona business law attorney who is the creator of this Arizona medical marijuana law website. Connect with Richard at 480-664-7478 or on Google+