Tax Day Bad For Marijuana Industry
[su_center_b]
Unlike other businesses, they can’t write off expenses.
They want the law changed, saying it’s discriminatory and outdated as more states move to legalize marijuana.
“We don’t want special favors – we just want to be treated like businesspeople,” said Nick Cihlar of Bellingham, Wash., co-owner of Subdued Excitement Inc., a company in nearby Ferndale that grows marijuana for Washington state retailers.
The ban on deductions by the Internal Revenue Service is in place for one reason: Congress has declared every pot transaction a felony crime.
Getting the law changed will be difficult, with legalization opponents arguing that it would be a mistake to give the pot industry any tax breaks.
[su_facebook]
[su_google_center_ad]
D.B. Hirsch is a political activist, news junkie, and retired ad copy writer and spin doctor. He lives in Brooklyn, New York.