Legalization News Politics

Pete Sessions And Republicans Block Another Marijuana Amendment

Anti-marijuana Rep. Pete Sessions (R-TX) may have lost his reelection bid in the midterms, but for another few weeks he still has the power to prevent cannabis amendments from advancing as chairman of the House Rules Committee—and that’s just what he did on Wednesday.

This time, Sessions, who has overseen the blockage of more than three dozen separate cannabis-related proposals from even being considered on the House floor during the 115th Congress, shot down an amendment to ensure tax fairness for legal cannabis businesses.

The measure, filed by Rep. Jared Polis (D-CO), who is also leaving Capitol Hill soon after winning an election earlier this month to be Colorado’s next governor, would scale back the reach of the federal tax provision known as 280E.

Originally enacted in the 1980s, the policy was meant to stop drug cartel leaders writing off yachts and expensive cars from their tax returns. But today its plain language means that gro

wers, processors and sellers of marijuana—still a Schedule I substance under federal law—cannot take business expense deductions that are available to operators in other sectors, even if they fully comply with state law. As a result, they are forced to pay effective tax rates that can approach 70 percent.

To Read The Rest Of This Article By Tom Angell on Marijuana Moment

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Published: November 29, 2018

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