Mark Sanford, the Republican representative from South Carolina, is co-sponsoring legislation that would make it easier for states with legalized cannabis to make the same deductions offered to other businesses.
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The bill, which is titled the Small Business Tax Equity Act of 2017, was introduced by Rep. Carlos Curbelo (R-FL) back on March 30 and would amend the Internal Revenue Code of 1986 to allow deductions and credits relating to expenditures in connection with cannabis sales conducted in compliance with state law.
According to a post by Rep. Sanford on Facebook, he believes this bill would make it more of a level playing field for cannabis businesses in legal states.
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“The principle here is simple, if a state makes something legal…it ought to be treated on par and equally with other legal businesses in the state….In just the last year alone, 28 states passed laws allowing for