GOP Senator Presses Treasury Secretary On Tax Credits For Marijuana Businesses

GOP Senator Presses Treasury Secretary On Tax Credits For Marijuana Businesses

A Republican senator recently pressed the head of the Treasury Department on whether marijuana businesses qualify for a federal tax benefit. During a Senate Finance Committee hearing on Wednesday, Treasury Secretary Steven Mnuchin was asked about the “opportunity zone” tax credit, which is meant to encourage investments in “distressed,” low-income communities through benefits such as deferrals on capital gains taxes. Sen. James Lankford (R-OK), whose state’s voters approved a medical marijuana ballot measure in 2018, told Mnuchin that businesses that derive more than five percent of their profits from things like alcohol sales are ineligible for the tax credit, but…

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Source : MJ moment
Link to original : GOP Senator Presses Treasury Secretary On Tax Credits For Marijuana Businesses
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