Treasury Secretary Fields Questions About Marijuana Business Deductions And Tax Credits

Conflicting federal and state marijuana laws are creating headaches and confusion for cannabis businesses, two senators told the head of the Treasury Department at a hearing on Thursday.

On the one hand, there’s a lack of clarity around whether marijuana businesses are eligible for what are called opportunity zone credits—tax credits meant to spur innovation in “distressed communities.” Sen. James Lankford (R-OK) listed the various businesses on the “sin list” that are disqualified from the credits, including golf courses, massage parlors and liquor stores, and he wanted to know where cannabis companies stand.

“Would those businesses, in grow locations or dispensaries, because they violate federal law, would they also not be eligible for an opportunity zone credit the same as these others?” he asked during a Senate Finance Committee hearing, noting that constituents in his state, which legalized medical cannabis last year, have raised the issue with him several

... read more at: https://www.marijuanamoment.net/treasury-secretary-fields-questions-about-marijuana-business-deductions-and-tax-credits/

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