Tax deductions for state-compliant marijuana businesses.
This bill aims to change tax rules, allowing businesses legally selling marijuana at the state level to deduct their operating expenses. This means these businesses could pay lower taxes, potentially impacting their financial stability and growth. For citizens, this might lead to greater availability of legal products and potentially lower prices if businesses pass savings on to consumers.
Key points
Businesses selling marijuana in compliance with state law will be allowed to deduct business expenses from their taxes.
The change applies to taxable years ending after the act's enactment date.
Expired
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