Small Business Tax Equity Act would Help Marijuana Businesses

Currently, marijuana businesses operating legally under state law are barred under the Tax Code from claiming deductions and credits on their federal income tax returns. A newly proposed law—the Small Business Tax Equity Act of 2023 (H.R. 2643)—would allow businesses to claim tax deductions and credits for marijuana businesses legal under state law. If the measure passes, it would apply to tax years ending after the date of enactment. #IdeaoftheDay