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Under the federal tax code, businesses involved in “trafficking” in marijuana or any other Schedule I or II drug can’t deduct rent, payroll or various other expenses that other businesses ...
In February 2017, Morgan Griffith, a Virginia Republican, introduced H.R. 714, Legitimate Use of Medicinal Marijuana Act, that would move cannabis to Schedule II. [81] Griffith had introduced a bill under the same name in 2014. [82] In April 2017, Matt Gaetz, a Florida Republican, cosponsored House Resolution 2020 to move cannabis to Schedule III.
Cannabis businesses will no longer fall under Section 280E of IRS tax code, which prohibits businesses involved in the "trafficking" of Schedule I and Schedule II substances from deducting ...
The U.S. Drug Enforcement Administration is moving toward reclassifying marijuana as a less dangerous drug. The Justice Department proposal would recognize the medical uses of cannabis, but wouldn ...
For the $34 billion cannabis industry, the move would also eliminate significant tax burdens for businesses in states where the drug is legal, notably getting rid of the Internal Revenue Services ...
“Because marijuana is currently a Schedule I controlled substance, under current federal law (26 U.S. Code §280E) marijuana businesses, unlike other businesses, cannot deduct their business ...
Schedule I; The drug or other substance has a high potential for abuse. The drug or other substance has no currently accepted medical use in treatment in the United States. There is a lack of accepted safety for use of the drug or other substance under medical supervision. Examples: heroin, LSD, marijuana, MDMA (ecstasy), methaqualone (quaalude).
Cannabis businesses currently fall under Section 280E of the IRS tax code, which forbids businesses involved in the "trafficking" of Schedule I and Schedule II substances from deducting "ordinary ...