Should Marijuana Businesses Get Tax Deductions?

A bill has been introduced in the US Senate that would allow marijuana businesses, that are operating in states with legalized marijuana, to utilize common business tax deductions and credits. Senator Cory Gardner is a co-sponsor of the bipartisan bill called the Small Business Tax Equity Act.  If passed, the bill would allow marijuana businesses to receive deductions for things like business expenses and for hiring veterans, which marijuana businesses are currently prohibited from utilizing. Gardner says the current tax code puts thousands of legal marijuana businesses throughout Colorado at a disadvantage by treating them differently than other businesses. According to Gardner, Coloradans made their voices heard in 2012 when they legalized marijuana and it’s time for the federal government to allow marijuana businesses to compete. Gardner believes the bill will allow small marijuana businesses in Colorado and other states to grow their operations, create jobs, and boost the economy.

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