The House is doing what it can to protect the medical marijuana dispensaries with a bill that has been proposed to allow the marijuana industry to act as any other legal buisness, including expense deduction on federal tax returns and would make both businesses and patients “immune to federal prosecution if they are acting in compliance with local marijuana laws.” Via AlterNet:
Congressman Pete Stark (D-CA), Congressman Barney Frank (D-MA) and Congressman Jared Polis (D-CO) introduced legislation to the House on Wednesday aimed at ensuring the medical marijuana industry is treated like any other business.
The legislation was supported by Republican Reps. Dana Rohrabacher (CA) and Ron Paul (TX).
The Small Business Tax Equity Act, introduced by Stark, authorizes medical marijuana dispensaries to take the full range of business expense deductions on their federal tax returns, like other legal businesses are allowed to.
“Our tax code undercuts legal medical marijuana dispensaries by preventing them from taking all the deductions allowed for other small businesses,” Stark stated.