[ad_1]
It’s time for the federal government to address cannabis legalization as the 118th Congress gets underway.
That’s according to Rep. Earl Blumenauer who, during a virtual media briefing on Wednesday, discussed the latest developments in cannabis policy.
“I want this to be the last session to work on these issues,” the founder and co-chair of the Congressional Cannabis Caucus said. “It’s time for the federal government to finally catch up.”
See Also: AOC And Ohio Rep Dave Joyce Refile HOPE Act To Assist State-Level Marijuana Expungements
Blumenauer’s recently introduced Small Business Tax Equity Act, which seeks to amend an IRS code to allow state-legal cannabis businesses to take federal tax deductions, reported The Business Journals.
The proposed bill would offer some relief to cannabis businesses struggling with high tax burdens. The current 280E code denies deductions and credits to any company involved in the trafficking of controlled substances, including marijuana. It’s a “major area of discrimination” and “hopelessly unfair” against the cannabis industry, Blumenauer says.
Members of Congress are getting more familiar with how negatively the policy affects the cannabis business operating under state laws nationwide.
“This has been a process of building support, building understanding, and mobilizing more and more allies in Congress,” he added.
The bipartisan bill is backed by Republican Reps. David Joyce, Nancy Mace, and Brian Mast as well, but it still needs to be scheduled for a hearing and vote.
Banking Reform & Interstate Commerce
In terms of a bill that would end a federal banking regulator penalizing those providing banking services to a legitimate cannabis business — SAFE Banking Act — Blumenauer was optimistic.
“I could not be more excited about what we have done in the last four years (for cannabis reform) and the prospects in the Senate going forward, which has been our stumbling block in the past,” he said.
However, Blumenauer expressed doubts regarding possible actions by the Biden administration on the issue of interstate commerce for cannabis between states where the plant is legal.
“(Interstate trade) is not something they are likely to jump on immediately,” he said.
Photo: Courtesy of Wikimedia Commons
[ad_2]
Source link
