Lawmakers Push IRS To Issue 'Prompt' Tax Guidance For Marijuana Businesses Now That Rescheduling Is Happening

Lawmakers Push IRS To Issue 'Prompt' Tax Guidance For Marijuana Businesses Now That Rescheduling Is Happening

A group of congressional lawmakers are pressing federal officials to issue “prompt guidance” on tax issues for marijuana businesses in light of the Trump administration’s move to federally reschedule cannabis. A new letter, led by Reps. Steven Horsford (D-NV and Steve Cohen (D-TN), notes that “state-legal cannabis businesses have been denied ordinary business tax deductions and credits due to Section 280E, which prohibits any such deductions for…

Lawmakers Urge IRS and Treasury to Clarify Marijuana Tax Rules Following Rescheduling Order

The Marijuana Herald - Marijuana news and information Seven congressional lawmakers have sent a letter to the Treasury Department and IRS asking them to quickly issue guidance for state-legal marijuana businesses facing uncertainty over federal tax rules following the DOJ’s recent rescheduling order. The letter, led by U.S. Representatives Steven Horsford (D-NV) and Steve Cohen (D-TN), was sent May 28 to Treasury Secretary Scott Bessent and IR…

Lawmakers Push IRS To Issue ‘Prompt’ Tax Guidance For Marijuana Businesses Now That Rescheduling Is Happening

A group of congressional lawmakers are pressing federal officials to issue "prompt guidance" on tax issues for marijuana businesses in light of the Trump administration's move to federally reschedule cannabis. A new letter, led by Reps. Steven Horsford (D-NV and Steve Cohen (D-TN), notes that "state-legal cannabis businesses have been denied ordinary business tax deductions and credits due to Section 280E, which prohibits any such deductions for…