Idaho Activists Suspend Campaign To Legalize Medical Marijuana Due To Coronavirus | Marijuana Moment
Posted On April 2, 2020
- Gov. J. B. Pritzker (D) signed an order deeming dispensaries and cultivation facilities essential services, and medical cannabis patients can obtain their products via curbside pickup, though that service is not available to recreational consumers.
- While the number of legal marijuana states continues to grow, and those jurisdictions continue to collect millions of dollars in tax revenue, SBA policy prohibits participation in their programs by companies that directly or indirectly aid the use, growth, enhancement, or other development of cannabis by providing marijuana products or services.
- In its review of IRS policy with respect to cannabis businesses, the Treasury Inspector General for Tax Administration (TIGTA) found that IRS is missing millions of dollars in tax assessments in state-legal markets and that taxpayers experience a significant impact due to an federal tax code known as 280E that prevents marijuana companies from making business deductions that are available to other industries.
- Such guidance would improve awareness of tax filing requirements for taxpayers in this industry, such as the correct application of the policy, which would reduce the burden of tracking inventory for certain small businesses, the report, which was released on Monday, states.
- : The agency said that depends upon IRS priorities and availability of resources, though it will review the current status of its agreements and use of publicly available state data.
- Legislative changes could address the challenges encountered with Internal Revenue Code (IRC) 280E, banking policies, and public safety.
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