Kyle Jaeger | May 29, 2023 | Marijuana Moment
Keywords: Funding | State Tax Deductions | Irs | Language | Internal Revenue Service
Summary
Illinois lawmakers have approved a budget with provisions allowing licensed marijuana businesses to take state tax deductions. They’re currently prohibited from utilizing those deductions at the federal level due to an Internal Revenue Service (IRS) code known as 280E. The legislation also contains language directing funding to a cannabis development fund and extends the deadline for conditional licensees to find a storefront.
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