Oregon Introduces Small Business Tax Equity Legislation for Cannabis

August 8, 2016
Business and finance Compliance News State by State: Oregon
An Oregon congressman called for the update of the federal tax laws, in response to a robbery of an all-cash business. U.S. Rep. Earl Blumenauer spoke out about the need to protect the marijuana businesses in Oregon. Democrats Sen. Ron Wyden and Rep. Blumenauer, announced they plan to introduce the bill bicamerally. It was initially introduced by the congressman, during the previous legislative session and was entitled, The Small Business Tax Equity Act.

The bill would create an addendum to Internal Revenue Code Section 280E. Should the bill become law, it would allow cannabis businesses to take advantage of the tax benefits given any other legal business. While the senator and congressman are from Oregon, the new federal law would help all states that have legalized the sale of marijuana.

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