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Federal Politicians Stand Up For Tax Fairness In The Marijuana Industry

Category: News | Posted on Sat, April, 18th 2015 by THCFinder

irs marijuana taxes 280eU.S. Representative Earl Blumenauer (D-OR) and Senator Ron Wyden (D-OR) have introduced theSmall Business Tax Equity Act of 2015 in both the House and the Senate. The bills, which have bipartisan co-sponsors and have been endorsed by the National Cannabis Industry Association (NCIA)Americans for Tax Reform, and other advocacy groups, would end the punishing and unfair taxation levels legal cannabis businesses face because of Section 280E of the federal tax code.

“The small businesses that make up the legal cannabis industry are working overtime to be responsible, contributing members of their communities,” said Aaron Smith, executive director of NCIA. “So it’s particularly outrageous that when they try to do the right thing by paying their federal taxes, they end up penalized with double and triple tax rates.”

The 280E provision was added to the tax code in the 1980s after a convicted cocaine trafficker asserted his right to deduct business expenses from his federal tax filings. The provision was never intended to penalize cannabis businesses operating legally and in compliance state law. However, because it applies to the sale of Schedule I and Schedule II substances under the Controlled Substances Act, cannabis cultivators and dispensaries are prohibited from deducting the common expenses every other legitimate business can deduct, including rent, payroll, and state excise taxes. The result is effective tax rates that can range from 50 to 85%, absolutely crippling for a small business.

NCIA released a white paper today providing real-world examples of how 280E harms small businesses across the country.

“Instead of being able to create more jobs, increase salaries, or add benefits for their employees, these businesses are being forced to send more than two-thirds of their profits straight to the federal government,” said Smith.

The Small Business Tax Equity Act - S. 987 and H.R. 1855 - would create an exception to Section 280E which would allow legal cannabis businesses in compliance with state law to take normal business expense deductions like any other legal business. S. 987 has been co-sponsored by Sen. Jeff Merkley (D-OR) and Sen. Michael Bennet (D-CO). H.R. 1855 has been co-sponsored by Reps. Dana Rohrabacher (R-CA), Adam Smith (D-WA), Richard Hanna (R-NY), Jared Polis (D-CO), and Don Young (R-AK).

“Rep. Blumenauer, Sen. Wyden, and their co-sponsors are standing up for fairness and support for small business – something everyone should applaud,” said Smith. “We certainly do.”

Read More:http://www.theweedblog.com/federal-politicians-stand-up-for-tax-fairness-in-the-marijuana-industry/


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Dr. Sanjay Gupta Introduces Weed3

Category: News | Posted on Sat, April, 18th 2015 by THCFinder

CNN Chief Medical Correspondent and internationally-know physician Dr. Sanjay Gupta reports that the upcoming network airing of the new Weed 3: The Marijuana Revolution will show Americans that the national mood on medical marijuana is changing. “Even the President is talking about it. It feels like there’s something happening, it feels like there’s real movement and momentum on medical marijuana,” Dr. Gupta told host Steve Greene of The Full Melt Radio Show during the April 16 broadcast.

Gupta's first Weed program was an international sensation and catapulted Dr. Gupta into the thick of the debate regarding the medical and societal value of cannabis. “The first documentary sort of looked at what had happened in the past, the second looked at the current state of affairs at the time, and the third one is sort of looking toward the future. What’s this medicinal marijuana revolution going to feel like, look like? What is happening here?” Gupta explained.

Some of the people featured in past episodes of Weed have become household names in much of the country, including Charlotte Figi, the child whose use of medical marijuana eased the seizure she suffered from Dravet syndrome. Weed 3 will feature a new cast of scientists, Senators and patients.

“Besides hearing from the senators who have now proposed the most audacious legislation, besides hearing from the President, you are also going to meet… the scientists that have been studying it. One of the patients profiled is a veteran and investment banker who suffers from PTSD," Gupta said.

He described a failed treatment program that almost cost him his life. “He nearly died trying to get better,” Gupta said “He turns to cannabis… He is a completely changed man."

He also spoke of a “stay-at-home mom with kids who also suffers from post-traumatic stress disorder -- a churchgoing, homeschooled gal who never thought about marijuana. She’s tried it for the first time in October of 2014, and you’re going to see the impact it’s made on her life.”

Read More:http://www.hightimes.com/read/dr-sanjay-gupta-introduces-weed3


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A Friend With Weed Is A Friend Indeed

Category: Fun | Posted on Fri, April, 17th 2015 by THCFinder


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Georgia Gov. Deal signs medical marijuana bill into law

Category: Legalization | Posted on Fri, April, 17th 2015 by THCFinder

ATLANTA – An emotional Gov. Nathan Deal signed legislation Thursday that immediately legalizes the use of medical marijuana in Georgia to treat eight serious medical conditions.

Sponsored by state Rep. Allen Peake, a Republican from Macon, the new law makes it legal for people to possess up to 20 ounces of fluid cannabis oil. The cannabis oil can contain no more than 5% tetrahydrocannabinoil, or THC, the psychoactive agent.

With the stroke of a pen, Georgia became the 36th state, plus Washington, D.C., to legalize marijuana extracts to treat illnesses. Georgia’s law makes cannabis oil legal to treat people with epilepsy and other seizure disorders, Lou Gehrig’s Disease, cancer, multiple sclerosis, Crohn’s disease, mitochondrial disease, Parkinson’s disease and sickle cell anemia.

“For the families enduring separation and patients suffering pain, the wait is finally over,” said Deal, his voice cracking. “Now, Georgia children and their families may return home, while continuing to receive much-needed care. Patients such as Haleigh Cox, for whom this bill is named, and others suffering from debilitating conditions can now receive the treatment they need, in the place where they belong - Georgia.”

He hugged Haleigh, 5, who has intractable epilepsy, and her mother, Janea Cox, who have been living in Colorado for months while husband Brian, a Johns Creek firefighter, stayed in Georgia.

While possession of marijuana is illegal under federal law, the U.S. Justice Department has said it will not stand in the way of states that want to legalize marijuana as long as effective controls are in place. Joseph Moses, a special agent in Atlanta for the federal Drug Enforcement Administration, said the DEA will “hold to those guidelines” but added that marijuana remains illegal under federal law.

Read More:http://www.msnbc.com/msnbc/georgia-gov-deal-signs-medical-marijuana-bill-law


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