California Assembly Passes Bill to Allow Marijuana Business Owners to Deduct Expenses from State Taxes

SACRAMENTO. Calif. (May 31, 2018) – Yesterday, the California Assembly overwhelmingly passed a bill that would sever a link between state and federal tax law, allowing individuals to deduct expenses from legal marijuana businesses for state income tax purposes. Passage of the bill would encourage the growth of the legal marijuana market in California and further nullify unconstitutional federal prohibition of cannabis in practice.

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