Missourians voted to legalize medical marijuana in 2018. But under federal law, growing, transporting or selling marijuana remains a crime. Unsurprisingly, that dynamic has created a lot of headaches for the fledgling industry. One notable example: Unlike every other legal business in the state, marijuana companies are prohibited from deducting business expenses on their taxes.“Can you imagine as a small business owner if you were not able to deduct common business expenses on your tax returns?” Sen. Denny Hoskins, R-Warrensburg, said during a Senate hearing earlier this year. “If you couldn’t deduct these expenses, it would increase your taxes significantly.” Missouri lawmakers took a step toward easing some of that burden during the recently concluded legislative session. While federal law remains unchanged, a bill allowing medical marijuana companies to deduct ordinary and necessary business expenses on their state tax returns won near-unanimous approval and was sent to the governor.
Marijuana Moment, Marijuana Moment, 05/24/2021 10:45:00