Executive Producer of the film "Our Brand Is Crisis" and current Treasury Secretary Steve Mnuchin is conflicted about cannabis, the IRS and state laws vs federal laws. His buddy Boehner's Acreage Holdings would be mnuch happier if the…
Executive Producer of the film "Our Brand Is Crisis" and current Treasury Secretary Steve Mnuchin is conflicted about cannabis, the IRS and state laws vs federal laws. His buddy Boehner's Acreage Holdings would be mnuch happier if they could right off expenses at the biggest medical cannabis company in America currently growing at 380%.
"Treasury Secretary Fields Questions About Marijuana Business Deductions And Tax Credits" By Kyle Jaeger, Marijuana Moment.
(FTA) "On the other hand, Sen. Maria Cantwell (D-WA) raised a common complaint within the marijuana industry concerning business expenses. An Internal Revenue Service (IRS) provision known as 280E bars businesses that sell Schedule I controlled substances—including marijuana—writing certain expenses off their taxes, forcing them to pay a higher rate than other businesses.
The senator asked Mnuchin if he felt the policy was “fair.”
“Let me just comment that this is a very complicated issue that impacts lots of things where there is a conflict between federal law and state law, and whether it’s me putting on my IRS hat where we have hundreds of thousands of dollars of cash coming in—this issue needs to be resolved one way or another because there are conflicts in so many regulations and rules and everything else,” he said. However it’s resolved, you’ve just described one of many, many, many complicated issues.”
Mnuchin said it wasn’t the department’s place to offer guidance on the issue until Congress deals with the conflicting laws.
“To me, it’s an injustice that there is a business that isn’t treated like other businesses when a state decides that that is a true business,” Cantwell said."
https://www.marijuanamoment.net/treasury-secretary-fields-questions-about-marijuana-business-deductions-and-tax-credits/
