WASHINGTON — For owners of marijuana businesses, April 15 is one big downer.
While most business owners rush to meet the federal tax deadline and cash in on a plethora of deductions, pot store owners and growers complain that they can’t write off a single expense, even if they have state licenses.
They want the law changed, saying it’s discriminatory and outdated as more states move to legalize marijuana.
“We don’t want special favors – we just want to be treated like businesspeople,” said Nick Cihlar of Bellingham, Wash., co-owner of Subdued Excitement Inc., a company in nearby Ferndale that grows marijuana for Washington state retailers.
The ban on deductions by the Internal Revenue Service is in place for one reason: Congress has declared every pot transaction a felony crime. [Read more at the Sacramento Bee]
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