Illinois tax policy has undergone a major change for the cannabis industry this legislative session. Cannabis establishments, cultivation centers, and medical cannabis dispensaries can now deduct business expenses on their state taxes currently disallowed on federal taxes under Section 280E of the Internal Revenue Code. This exemption, effective from January 1, 2023, aims to alleviate the 

​ Illinois tax policy has undergone a major change for the cannabis industry this legislative session. Cannabis establishments, cultivation centers, and medical cannabis dispensaries can now deduct business expenses on their state taxes currently disallowed on federal taxes under Section 280E of the Internal Revenue Code. This exemption, effective from January 1, 2023, aims to alleviate the […] 

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Cannabis Law Report