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Oklahoma senator introduces bill to block tax breaks for marijuana businesses

Oklahoma Sen. James Lankford introduces a bill to prevent marijuana businesses from deducting business expenses from their taxes.

WHO SAYS THIS REALLY WON’T CHANGE MUCH IN THE INDUSTRY, RIGHT? THAT’S RIGHT. AND THERE’S AT LEAST 30 BILLS BEING INTRODUCED HERE LOCALLY THAT LOOK TO RESHAPE THE MARIJUANA INDUSTRY IN DIFFERENT WAYS. HOWEVER, THE ONE WE’RE TALKING ABOUT TONIGHT, OTHERS SAY IT’S KIND OF A WASTE OF TIME. HE’S ANNOUNCING, FILING A BILL TO DO SOMETHING THAT’S BASICALLY ALREADY IN PLACE. CRITICS IN THE BUDDING BUSINESS SAY SENATOR JAMES LANKFORD, S NEW BILL IS KIND OF POINTLESS. IT’S CALLED THE NO DEDUCTIONS FOR MARIJUANA BUSINESS ACT, AND THE IDEA IS TO STOP THEM FROM DEDUCTING BUSINESS EXPENSES FROM THEIR TAXES, ENSURING THAT THE SALE OF MARIJUANA WON’T BE ELIGIBLE FOR TAX DEDUCTIONS. LANKFORD SAYS, QUOTE, MARIJUANA DOESN’T MAKE OUR FAMILIES STRONGER, OUR STREETS SAFER, OR OUR WORKPLACES MORE PRODUCTIVE. BUSINESSES WHO SELL FEDERALLY ILLEGAL DRUGS, INCLUDING MARIJUANA BUSINESSES, SHOULDN’T GET FEDERAL TAX BREAKS. BUT THOSE LIKE JED GREEN WITH OKLAHOMANS FOR RESPONSIBLE CANNABIS ACTION BELIEVE THIS ISN’T THE CASE FOR MULTIPLE REASONS. AS AN ADVOCATE FOR CANNABIS AND ITS BENEFITS, HE POINTS OUT THAT THOSE BUSINESSES ARE ALREADY FOLLOWING TAX LAW. WHEN MARIJUANA BUSINESSES FILE TAXES, THEY FILE UNDER SOMETHING CALLED 280 E, AND UNDER THAT YOU ARE NOT PERMITTED TO DEDUCT ANY TYPICAL EXPENDITURES EXCEPT FOR THE COSTS OF GOODS SOLD AND DOESN’T BELIEVE THIS LEGISLATION WILL CHANGE MUCH. THAT BASICALLY MEANS IS THAT SOME GROWERS CAN DEDUCT TAXES. HOWEVER, YOUR DISPENSARIES, ANY ADVERTISING THE BUD TENDERS. NONE OF THAT CAN BE DEDUCTED. SO HE’S KIND OF BEATING A DEAD HORSE AND IS AGAINST KIND OF THE TIDE HERE, WHICH THERE ARE 22 OTHER STATES THAT HAVE ALLOWED THIS. AND THIS BILL NOW HEADS TO COMMITTEE FOR A STUDY. REPORTING LIVE IN THE NEWSROO

Oklahoma senator introduces bill to block tax breaks for marijuana businesses

Oklahoma Sen. James Lankford introduces a bill to prevent marijuana businesses from deducting business expenses from their taxes.

Oklahoma Sen. James Lankford introduced a bill to block tax deductions for marijuana businesses, drawing questions from some industry advocates.>> Download the KOCO 5 app ]] Oklahoma Sen. James Lankford introduces a bill to prevent marijuana businesses from deducting business expenses from their taxes.  Read More  

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