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May 25, 2011 3:46 PM by Gene Cotton

Marijuana businesses subject of tax proposal

DENVER (AP) - Marijuana businesses looking for help navigating the federal tax code are watching a congressional proposal sponsored by Colorado Rep. Jared Polis.

Polis and other House members introduced legislation Wednesday about medical marijuana. One of the bills would allow marijuana-related businesses to claim business deductions on their federal taxes. Currently the IRS does not permit pot-related business to claim business deductions because the drug violates federal law.

Polis also wants to amend federal banking law to allow state-certified marijuana businesses to access banking services.

Another bill introduced Wednesday would direct the federal government to defer to state medical marijuana laws and make patients and business immune to federal drug prosecution if they are following state law.

There was no immediate word Wednesday whether the marijuana bills would be heard.

 

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