No Tax Deductions for Marijuana Businesses
This new law confirms that businesses involved in trafficking marijuana or other prohibited substances cannot claim tax deductions or credits for their expenses. This means their profits will be taxed without reducing the taxable income by business-related costs. These rules apply to expenses incurred after the law's enactment.
Key points
Businesses trafficking marijuana or other prohibited substances are not allowed tax deductions or credits.
The rules cover both marijuana and other controlled substances whose trafficking is prohibited by federal or state law.
The changes apply to expenses paid or incurred after the law's enactment date.
Introduced
Citizen Poll