Colorado Sen. Cory Gardner is joining an effort to reform tax code for marijuana businesses.
The Republican senator said today that he is cosponsoring the Small Business Tax Equity Act, which was introduced first in the House by Rep. Carlos Curbelo, R-Florida, and then in the Senate by Senators Rand Paul, R-Kentucky, and Ron Wyden, D-Oregon. The bill was introduced in March and has since picked up 39 cosponsors from both parties.
The goal is to allow marijuana businesses access to the same business tax deductions and credits that other businesses get.
Chief among the changes would be to a section of tax code, known as 280E, that does not allow marijuana businesses to write off standard business deductions on their federal income tax returns, and that adds up to high tax bills, the bill's sponsors say.