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Has the Supreme Court’s opinion overturning the Chevron doctrine altered the landscape for the denial of tax deductions for marijuana businesses under Section 280E of the Internal Revenue Code? Here to explore that question...more
The cannabis industry knows well the economic burden imposed by Section 280E of the Internal Revenue Code of 1986 (Code). It substantially increases the cost of doing business because it disallows deductions for expenses...more
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
New York Governor Kathy Hochul signed a bill on Friday, November 20, 2023, that allows New York City cannabis businesses to deduct business expenses paid or incurred in carrying on such business for purposes of determining...more
Key Takeaways: ..A pending U.S. Tax Court case presents an interesting theory to preclude the federal income tax disallowance of all deductions of a marijuana business. ..The theory rests on a provision in the 2017 Tax...more
Section 280E of the Internal Revenue Code prohibits taxpayers who are engaged in the business of trafficking certain controlled substances (including, most notably, marijuana) from deducting typical business expenses...more
As Congress continues to deliberate the federal legalization of marijuana, the cannabis industry continues to face scrutiny from the IRS under Section 280E of the Internal Revenue Code (Code). Enacted in 1982 in response to a...more
If you are in the cannabis industry, you should already know Section 280E of the Internal Revenue Code. It consists of only one sentence...more
As more and more states are allowing legal use of marijuana, medical marijuana businesses are faced with large tax bills because of marijuana’s continued classification as a Schedule I controlled substance under federal law. ...more
Last week, a tax court decided that California cannabis company Harborside Inc. owes approximately $11 million in income tax payments after a ruling last year that Code Section 280E (which disallows deductions for businesses...more
The Maryland Medical Cannabis Commission (“the MMCC”) recently reported to the Maryland legislature on “the deleterious effects of the federal tax code on medical cannabis businesses.” As stated in its report, I.R.C. § 280E...more
In a December 2018 letter to Governor Hogan, the President of the Senate, and the Speaker of the House, the Maryland Medical Cannabis Commission (“MMCC”) discussed plans to fund the Compassionate Use Fund. As medical...more
The recent Tax Court decision, Alterman v. Commissioner, struck yet another tax blow against the growing medical marijuana industry. ...more
The growing, processing, dispensing, and use of medical marijuana became legal in Pennsylvania on May 18, 2016, under the Medical Marijuana Act, Act 2016-16 (S.B. 3), 35 P.S. § 10231.101, et seq. (the Act). Medical marijuana...more