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California Gov. Approves Cannabis Tax Overhauls

California Gov. Gavin Newsom signed a bill allowing cannabis businesses to take normal business tax deductions alongside several other pieces of cannabis legislation. The governor, however, opted to veto legislation allowing for cannabis use in hospitals.

California Gov. Gavin Newsom (D) signed a bill into law on Saturday that will override the infamous Section 280E of the Internal Revenue Code, which has blocked cannabis businesses from taking advantage of the usual tax deductions afforded to other American businesses, Tom Angell reports for Forbes.

Despite the growing hype around the industry, cannabis businesses nationwide have long struggled to break even or stay afloat due to Section 280E. AB-37, proposed by Assembly member Reggie Jones-Sawyer (D-Los Angeles), would relieve a significant amount of that pressure for California cannabis companies.

To Read The Rest Of This Article By Graham Abbott on Ganjapreneur

Published: October 14, 2019

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