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Missouri marijuana businesses can deduct expenses on state tax returns!!!!

By MJBizDaily Staff
January 10, 2023

For the first time, legal marijuana businesses operating in Missouri will be able to deduct business expenses when they file state tax returns in 2023.

The Missouri Independent news outlet confirmed the updated policy with the state Department of Revenue.

The change was included in the constitutional amendment – which was narrowly passed by voters in November – that legalized adult-use marijuana in Missouri, state Sen. Denny Hoskins told the Independent.

The move is significant considering that Section 280E of the federal tax code prohibits marijuana businesses, which are federally illegal, from deducting operating expenses on state and federal income taxes.