Sen. James Lankford (R-OK) Pushes Mnuchin On Federal Tax Benefits For Cannabis

Sen. James Lankford (R-OK) Pushes Mnuchin On Federal Tax Benefits For Cannabis

Marijuana Moment reports 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,…

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Source : CANNANNEW REPORT
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