National Cannabis Industry Association to endorse taxation of adult-use marijuana proposal included in Senate Finance Committee’s “options paper,” while decrying an unfair existing tax provision
By Steve Elliott
Hemp News
More than 30 marijuana business leaders will travel to Washington, D.C., from across the country to take part in a two-day lobbying visit. Industry leaders will discuss the primary challenges facing business owners which could be solved by reconciling state and federal law, including a lack of access to financial services, unjust application of tax provisions, and ongoing interference from the federal government.
In additional to numerous lobbying meetings, participants will join Reps. Earl Blumenauer (D-OR), Ed Perlmutter (D-CO), and Jared Polis (D-CO) at a press conference on Wednesday, June 5, to discuss Internal Revenue Code Section 280E, which prohibits state-legal businesses from taking standard business deductions when computing their federal taxes and results in regulated cannabis businesses paying two to three times the effective tax rate for most other small businesses.
Participants will also discuss a recently released Senate Finance Committee "options paper," which includes the taxation of marijuana as a possible means of raising tax revenue at the federal level.
