{"id":48779,"date":"2021-07-10T04:34:50","date_gmt":"2021-07-10T12:34:50","guid":{"rendered":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/2021\/07\/10\/missouri-governor-vetoes-medical-marijuana-tax-deduction-bill\/"},"modified":"2021-07-10T13:45:16","modified_gmt":"2021-07-10T21:45:16","slug":"missouri-governor-vetoes-medical-marijuana-tax-deduction-bill","status":"publish","type":"post","link":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/2021\/07\/10\/missouri-governor-vetoes-medical-marijuana-tax-deduction-bill\/","title":{"rendered":"Missouri Governor Vetoes Medical Marijuana Tax Deduction Bill"},"content":{"rendered":"<\/p>\n

The measure, if enacted, would not have changed the federal 280E provision that remains in effect against cannabis businesses.<\/em><\/p>\n

By Jason Hancock, Missouri Independent<\/strong><\/p>\n

Missouri Gov. Mike Parson (R) vetoed legislation Friday that would have lifted a prohibition on licensed medical marijuana companies deducting business expenses on their taxes<\/a>.<\/p>\n

In his letter<\/a> vetoing the measure, Parson didn\u2019t mention the medical marijuana provisions. He said his decision to reject the bill came down to a section lawmakers included that would have provided tax relief for businesses impacted by city-wide or county-wide public health restrictions.<\/p>\n

Parson said those provisions would have created \u201csignificant unintended consequences that could greatly harm localities.\u201d<\/p>\n

In vetoing the bill<\/a>, however, the medical marijuana provision was also struck down.<\/p>\n

Missourians voted to legalize medical marijuana<\/a> in 2018. But under federal law, growing, transporting or selling marijuana remains a crime.<\/p>\n

Because of this dynamic, marijuana companies differ from every other legal business in the state because they can\u2019t deduct ordinary and necessary business expenses on their tax returns.<\/p>\n

While federal law remains unchanged, the legislation approved nearly unanimously in both the House and Senate would have changed that for state taxes.<\/p>\n

David Smith, a certified public accountant from St. Louis County who works with numerous medical marijuana companies, said during a Senate hearing earlier this year that Missouri\u2019s existing law could mean an effective tax rate for those businesses of 70 percent or higher.<\/p>\n

\u201cSome companies may even be subject to income taxes while operating at a loss,\u201d Smith said.<\/p>\n

Andrew Mullins, executive director of MoCannTrade, said it was \u201cboth common sense and smart public policy to put medical cannabis businesses on a level playing field with all others that pay state business taxes.\u201d<\/p>\n

\u201cWhile disappointed in the veto, we remain encouraged by the overwhelming bipartisan support for a measure of basic tax fairness that received near-unanimous votes in both the state House and Senate,\u201d Mullins said in a statement to The Independent. \u201cAs our state\u2019s newest industry continues to create thousands of new jobs and generate tens of millions in new spending each month, we look forward to again passing this policy change and seeing it signed into law.\u201d<\/p>\n

Another casualty of the veto was a provision providing sales tax exemptions for certain cancer treatment devices. Parson wrote in his veto letter that he supports this tax deduction and hopes lawmakers will pass it again next year.<\/p>\n

This story was first published by Missouri Independent.<\/a><\/em><\/p>\n

\n

Congressional Lawmakers Request Marijuana Policy Change Following Sha\u2019Carri Richardson Suspension<\/a><\/p>\n<\/blockquote>\n

\n

The post Missouri Governor Vetoes Medical Marijuana Tax Deduction Bill<\/a> appeared first on Marijuana Moment<\/a>.<\/p>\n


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\nRead More: Missouri Governor Vetoes Medical Marijuana Tax Deduction Bill<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The measure, if enacted, would not have changed the federal 280E provision that remains in effect against cannabis businesses. By Jason Hancock, Missouri Independent Missouri Gov. Mike Parson (R) vetoed legislation Friday that would have lifted a prohibition on licensed medical marijuana companies deducting business expenses on their taxes. InContinue Reading<\/a><\/span><\/p>\n","protected":false},"author":457,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1335,81],"tags":[],"_links":{"self":[{"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts\/48779"}],"collection":[{"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/users\/457"}],"replies":[{"embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/comments?post=48779"}],"version-history":[{"count":1,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts\/48779\/revisions"}],"predecessor-version":[{"id":48780,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts\/48779\/revisions\/48780"}],"wp:attachment":[{"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/media?parent=48779"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/categories?post=48779"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/tags?post=48779"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}