This is PRELIMINARY look at revenue from the Marijuana Opportunity Reinvestment and Expungement Act, or MORE Act. Comments welcomed. UPDATES will appear at the top here.
The bill calls for a token 5 percent ad valorem tax on recreational marijuana only, with medical cannabis exempted. It then purports to spend the money that tax brings in. But Oops. At the same time, but by descheduling the drug, the bill repeals the current 280E rule disallowing deductions for the expenses of selling cannabis.
Here’s what Carl Davis of ITEP authorized me to post:
“This bill sure looks like a net tax cut to me. Continue reading Phony tax increase in Harris-Nadler Marijuana Bill