Tax Day Is a Real Downer For Marijuana Business Owners

April 15, 2015
johnhollon
Banking, Finance & Real Estate
0 Comments

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They want the law changed, saying it’s discriminatory and outdated as more states move to legalize marijuana.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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