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Marijuana Related Businesses › Tax Credits

Bradley Arant Boult Cummings LLP

Blazing Trails: Exploring ESOPs in the Cannabis Industry

Bradley Arant Boult Cummings LLP on

The budding cannabis industry, despite its rapid growth and gradual acceptance in recent years, still faces a major sustainability challenge: Cannabis businesses cannot deduct most ordinary business expenses. Under Internal...more

Vicente LLP

Tax Credits Available for Investing in Connecticut Cannabis Companies

Vicente LLP on

The Cannabis Angel Tax Credit Program (the “Program”) was established by law (Section 113(14) of Public Act 21-1) to provide Qualified Connecticut Businesses (aka approved social equity licensees) with the ability to receive...more

Rivkin Radler LLP

Cannabis & the Mid-Terms: What Tax Policy?

Rivkin Radler LLP on

On October 6, 2022, the President announced three changes in the Federal government’s policy toward cannabis: 1.He pardoned all prior Federal offenses of simple possession of marijuana; 2.He urged governors to do the same...more

Husch Blackwell LLP

Decoupling of Section 280E from State Tax Codes

Husch Blackwell LLP on

On May 18, 2022, in a 153-2 vote, the Massachusetts House of Representatives voted to amend the state’s tax code to provide income tax relief for Massachusetts cannabis businesses. ...more

Sheppard Mullin Richter & Hampton LLP

California Governor Signs into Law Cannabis Tax Relief Bill

Sheppard Mullin Richter & Hampton LLP on

Help for California’s fledgling cannabis industry finally appears to be on the way. For years, the industry has shouldered heavy taxes – a 15% state-wide excise tax, sales and use taxes up to 10.75%, and local business...more

Partridge Snow & Hahn LLP

Tax Court Confirms That Cannabis Businesses Cannot Take Advantage of Certain Tax Breaks Other Businesses Use

Partridge Snow & Hahn LLP on

One of the most frustrating issues facing the US’s burgeoning cannabis industry has been the inequitable tax treatment that cannabis businesses face as compared to other industries. The IRS’s guidance for one section of the...more

Partridge Snow & Hahn LLP

Internal Revenue Service Clarifies Tax Rule for Marijuana Industry

Partridge Snow & Hahn LLP on

The Internal Revenue Service (IRS) issued guidance on Thursday, September 10, 2020, to marijuana businesses. The new guidance does not change existing IRS rules, but briefly explains the rules for reporting income, paying...more

Burns & Levinson LLP

In My Opinion: Alpenglow Botanicals v. United States

Burns & Levinson LLP on

If you read my most recent post on Section 280E of the Internal Revenue Code, you might have picked up on my disappointment with the Alpenglow opinion. Whether the conclusion is right or wrong, in my estimation, it could have...more

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