Probably even a year ago, it would have been jawdropping to see a U.S. Representative and U.S. Senator standing up for marijuana. But on Thursday, April 9, Rep. Earl Blumenauer and Sen. Ron Wyden will present an idea to help make life easier for marijuana growers and retailers.
Perhaps one of the most pressing and challenging issues regarding Oregon's legalization of marijuana is how to make those allowances fit comfortably with federal laws and regulations that outlaw that very practice. Primarily, these are challenges faced by retailers and growers. Like, for example, federally-backed banks cannot accept money earned by the sale of marijuana into their vaults. And, well timed with upcoming tax day, the specific matter that Rep. Blumenauer and Sen. Wyden plan to address is that the current tax law does not allow these state-legal businesses to take business deductions from their federal taxes. As such, Section 280E of the federal tax code potentially adds taxes two to three times the rates for other small retail businesses.
The press conference announcing specific plans to present a co-authored bill will be held at 11 am Thursday, April 9. 911 Federal Building, 911 NE 11th Ave.
Weed thought you'd like to know.