Update: SB 777 and HB 1810 have both been referred to committee in the Senate and House, respectively.
The Small Business Tax Equity Act (SB 777 and HB 1810) is pending in the House and Senate to amend the federal tax code so that state-licensed, marijuana-related businesses are no longer unduly penalized by federal laws. NORML supports these legislative efforts.
These measures amend Section 280E of the Federal Income Tax Code so that state-compliant marijuana operators for the first time can take business deductions for standard expenses such as rent and employee compensation and benefits — just like other legally licensed business entities.
According to a 2017 report, over 120,000 workers are now employed full time in the legal cannabis industry. Allowing deductions for rent and employee costs would help these businesses grow economically and would provide incentives for hiring additional employees.
The marijuana industry is an economic generator for America. Businesses in this space should be regulated by the federal tax code in a manner that is fair, that will help stimulate economic growth, and that allows the marijuana industry and those who operate in it to avoid unjustified tax penalties.
Enter your information below to email your elected officials to support this effort.
