Senator Cory Gardner (R-CO) today announced he is cosponsoring the Small Business Tax Equity Act introduced by Senators Rand Paul (R-KY) and Ron Wyden (D-OR). If passed and signed into law, this legislation will ensure marijuana businesses legally operating in Colorado and other states that have legalized the sale of marijuana are able to utilize common business tax deductions and credits, such as those for normal business expenses or for hiring veterans. Currently, a marijuana business is not able to use these provisions when filing their taxes.
“Our current tax code puts thousands of legal marijuana businesses throughout Colorado at a disadvantage by treating them differently than other businesses across the state,” said Gardner. “Coloradans made their voices heard in 2012 when they legalized marijuana and it’s time for the federal government to allow Colorado businesses to compete. This commonsense, bipartisan bill will allow small businesses in Colorado and other states that have legal marijuana businesses to grow their operations, create jobs, and boost the economy.”
“I commend Senator Gardner for fighting for Colorado’s small businesses,” said Sal Pace, former Democratic Leader in the Colorado State House and sitting Pueblo County Commissioner. “By sponsoring S.777, Senator Gardner is saying that he wants to put millions of dollars back into Colorado’s economy. This is a watershed moment. We don’t hear of a lot of bipartisanship these days. But, this Democrat wants to publicly thank Senator Gardner for his leadership.”
“Because of section 280E of the tax code, marijuana businesses operating legally under state law face a federal income tax rate of 80 percent,” said Grover Norquist, Founder and President of Americans for Tax Reform. “The Small Business Tax Equity Act is a commonsense fix to this and Sen. Gardner should be applauded for his leadership on this issue.”
Source: Senator Cory Gardner’s office