MJ Biz Report: Recent decisions on tax fines offer ray of hope for cannabis industry around burdens of IRS’ 280E

MJ Biz Report: Recent decisions on tax fines offer ray of hope for cannabis industry around burdens of IRS’ 280E

The U.S. Supreme Court’s decision this week not to consider a Colorado Supreme Court ruling on a tax fine – coupled with dissenting opinions in a recent case involving a California medical marijuana company – could have significant ramifications for the cannabis industry, according to tax experts. Left standing by the U.S. Supreme Court was a decision holding that a Colorado Department of Labor levy against Dami Hospitality was an excessive fine or penalty under the Eighth Amendment to the U.S. Constitution. The decision shed new light on possible limitations and defenses against Internal Revenue Code (IRC) Section 280E under the Eight Amendment, according to Nick Richards, a Denver-based cannabis tax attorney with Greenspoon Marder. The two rulings together appear to have somewhat weakened 280E, which potentially is good news for the cannabis industry. Here’s why: Reda at source   Recent decisions on tax fines offer ray of hope for cannabis industry around burdens of IRS’ 280E  

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Source : CANNANNEW REPORT
Link to original : MJ Biz Report: Recent decisions on tax fines offer ray of hope for cannabis industry around burdens of IRS’ 280E
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