Pervasip Corp (PVSP)

[Bjones2]

Congress Will Attempt to Amend IRS 280E Code Again in Aid of Marijuana Tax Relief

Industry needs to be able to deduct expenses like any other company in business in the US, and it needs to get done ASAP!!

January 10, 2023
7:10 am
Politics

GOP Congresswoman Rep. Nancy Mace recently filed a bill that would provide federal tax relief for marijuana businesses by amending the Internal Revenue Service’s 280E Code. This means that state-legal marijuana industry operators would finally be able to partake of tax deductions applicable to any other business. This is under the guise of a congressional bill seeking to amend the infamous code 280E to bring about marijuana tax relief.

While the text is currently unavailable, it is said to be identical to previously filed versions of the Small Business Tax Equity Act. The bill, which comes as just days remain of the 117th Congress, will eventually provide relief to businesses who are unable to deduct business expenses from their federal tax or receive tax credits.

https://beardbrospharms.com/2023/01/10/congress-will-attempt-to-amend-irs-280e-code-again-in-aid-of-marijuana-tax-relief/