A pair of Oregon Democrats announced Thursday that they’re planning to revive a bill that would reconcile legal marijuana companies with the tax code so cannabis businesses can take standard deductions.
Rep. Earl Blumenauer and Sen. Ron Wyden of Oregon want to solve problems tied to 280E, a section of the tax code that costs marijuana businesses hundreds of thousands of dollars a year in extra taxes.
To that end, they plan to introduce the Small Business Tax Equity Act again to carve out a federal tax exemption from 280E for marijuana businesses that are in compliance with state law.
The measure even has the support of tax hawk Grover Norquist, the head of Americans for Tax Reform.
Blumenauer and Wyden plan to introduce their bill next week. The original Small Business Tax Equity Act was introduced in 2011, but died in committee without ever getting a vote.