Bay Area Congressman Backs Medical Marijuana In IRS Tax Struggle
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Bay Area Congressman Backs Medical Marijuana In IRS Tax Struggle

One California congressman wants to change the way marijuana is taxed

You know what they say about death and taxes. But for California’s medical marijuana dispensaries, the annual dance with the IRS is about to get easier, if a Bay Area congressman has his way. Every merchant in the country can deduct the cost of goods sold from its annual tax form… everyone except, that is, medical marijuana dispensaries. A 29-year old clause in the tax code has effectively prohibited cannabis collectives and pot clubs from deducting the cost of their medical marijuana, meaning many dispensaries have been whacked with huge past-due bills by the IRS.

 

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