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New GOP Bill Would Block Marijuana Industry Tax Deductions, Even After Federal Rescheduling

Summary by Marijuana Moment
Two GOP senators have introduced a bill that would continue to block marijuana businesses from taking federal tax deductions under Internal Revenue Service (IRS) code 280E—even if it’s ultimately rescheduled. Sens. James Lankford (R-OK) and Pete Ricketts (R-NE) filed the “No Deductions for Marijuana Businesses Act” on Thursday to maintain the tax barrier for the industry, which has been eagerly following the ongoing administrative process of mov…
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Marijuana MomentMarijuana Moment
Reposted by
newsbudz.comnewsbudz.com

New GOP Bill Would Block Marijuana Industry Tax Deductions, Even After Federal Rescheduling

Two GOP senators have introduced a bill that would continue to block marijuana businesses from taking federal tax deductions under Internal Revenue Service (IRS) code 280E—even if it’s ultimately rescheduled. Sens. James Lankford (R-OK) and Pete Ricketts (R-NE) filed the “No Deductions for Marijuana Businesses Act” on Thursday to maintain the tax barrier for the industry, which has been eagerly following the ongoing administrative process of mov…

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Cannabis Law ReportCannabis Law Report

Filed: Washington DC -"To amend the Internal Revenue Code of 1986 to maintain the prohibition on allowing any deduction or credit associated with a trade or business involved in trafficking marijuana."

The campaign gets more Napoleonic by the day   Mr. LANKFORD (for himself and Mr. RICKETTS) introduced the following bill I like to put faces to names   Just so we are clear – their words This Act may be cited as the ‘‘No Deductions for Marijuana Businesses Act’’. The lawfare word in the following […]

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Quorum CallQuorum Call
Reposted by
atokacountytimes.comatokacountytimes.com

Lankford Introduces Bill to Block Tax Breaks for Marijuana Businesses

Lankford was joined on the bill by Senator Pete Ricketts (R-NE). “Marijuana doesn't make our families stronger, our streets safer, or our … Full story here. More Sen. Ricketts News Published by www.lankford.senate.gov The post Lankford Introduces Bill to Block Tax Breaks for Marijuana Businesses appeared first on Quorum Call.

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Marijuana Moment broke the news in on Friday, February 7, 2025.
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