Last week, a senator in Florida introduced a measure that would allow licensed medical-cannabis businesses to claim tax deductions. At the moment, legal marijuana businesses in the country aren’t allowed to claim deductions because of section 280E of the IRS code, which bars deductions from being claimed for illicit substances.
Section 280E prohibits businesses from deducting business expenses from gross income linked to the trafficking of Schedule I or II drugs. Currently, marijuana is still…
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