US (MO): Governor strikes down tax relief for MMJ companies

Missouri Gov. Mike Parson vetoed legislation Friday that would have lifted a prohibition on licensed medical cannabis companies deducting business expenses on their taxes.

In his letter vetoing the measure, Parson didn’t mention the medical cannabis 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.

Parson said those provisions would have created “significant unintended consequences that could greatly harm localities.” In vetoing the bill, however, the medical cannabis provision was also struck down.

Missourians voted to legalize medical cannabis in 2018. But under federal law, growing, transporting or selling cannabis remains a crime. Because of this dynamic, cannabis companies differ from every other legal business in the state because they can’t deduct ordinary and necessary business expenses on their tax returns.

Read more at missouriindependent.com


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