Virginia Lawmakers Approve Bills On Marijuana Sales And 280E Tax Reform

Virginia lawmakers on Friday advanced bills to start adult-use marijuana sales and allow cannabis businesses to make certain tax deductions at the state level while they’re barred from doing so federally under the Internal Revenue Services (IRS) code known as 280E.

The 280E bill passed the Senate unanimously in a 40-0 vote, carried by Sen Adam Ebbin (D). The House of Delegates companion version from Del. Jeffrey Campbell (R) moved through an Appropriations subcommittee in a 7-1 vote and now heads to the full panel for consideration.

The legislation seeks to decouple Virginia’s marijuana industry from the federal tax code, as lawmakers in several states like New Jersey, New York and Pennsylvania have moved to do. State medical and recreational cannabis businesses would be able to take deductions at the state level that they’re currently barred from doing federally under IRS’s 280E.

Separately, in the Democratic-controlled Senate, the Rehabilitation and Social Services Committee voted 9-6 to refer an adult-use marijuana sales bill, also from Ebbin, to the Finance and Appropriations Committee.

There have been open questions about how the state legislature would address cannabis commerce for adults in the 2023 session after lawmakers approved a bill in 2021 legalizing marijuana

The post Virginia Lawmakers Approve Bills On Marijuana Sales And 280E Tax Reform appeared first on GrowCola.com.

Virginia lawmakers on Friday advanced bills to start adult-use marijuana sales and allow cannabis businesses to make certain tax deductions… Continue reading
The post Virginia Lawmakers Approve Bills On Marijuana Sales And 280E Tax Reform appeared first on GrowCola.com. 

Leave a Reply

Your email address will not be published. Required fields are marked *

× Whatsapp