The governor of Connecticut has signed budget legislation that includes provisions to provide state-level tax relief to licensed cannabis businesses that are currently prohibited from making federal deductions under an Internal Revenue Service (IRS) code known as 280E.
Gov. Ned Lamont (D) approved the package on Monday, touting the overall tax relief and specifically highlighting how much money the cannabis industry is estimated to save with the new policy.
Giving cannabis businesses the state-level 280E workaround is expected to translate into $4.7 million in industry relief for the 2024 fiscal year, which will increase to $6.2 million in the 2025 fiscal year, the governor’s office said.
A separate, more comprehensive overview from the legislature’s Office of Fiscal Analysis shows those savings growing to $9.6 million in 2026, $11.4 million in 2027, and $13.5 million in 2028.
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