{"id":112999,"date":"2015-04-23T18:07:51","date_gmt":"2015-04-24T00:07:51","guid":{"rendered":"https:\/\/dh.durangoherald.com\/tj\/bennet-seeks-to-reform-pot-tax-law\/"},"modified":"2015-04-23T18:07:51","modified_gmt":"2015-04-24T00:07:51","slug":"bennet-seeks-to-reform-pot-tax-law","status":"publish","type":"post","link":"https:\/\/dh.durangoherald.com\/tj\/bennet-seeks-to-reform-pot-tax-law\/","title":{"rendered":"Bennet seeks to reform pot tax law"},"content":{"rendered":"
\"Bennet\"
Bennet<\/span><\/figcaption><\/figure>\n

Under the current federal tax code, businesses that sell Schedule I or Schedule II substances \u2013 as defined by the Controlled Substances Act \u2013 are prohibited from receiving tax deductions from the expenses associated with the sale of the illicit substance. Marijuana is classified as a Schedule I substance.<\/p>\n

\u201cWith more states joining Colorado to legalize medical and recreational marijuana, we need a tax code that doesn\u2019t unfairly penalize these small businesses that are trying to operate within the law,\u201d Bennet said in a statement. \u201cThis bill would make important updates to our tax code to allow legal marijuana businesses to take the same tax deductions as other small businesses.\u201d<\/p>\n

Sen. Ron Wyden, D-Ore., introduced the bill in the Senate last week. It was then referred to the Committee on Finance.<\/p>\n

A House version of the bill was introduced in 2013 by Rep. Earl Blumenauer, D-Ore., but never reached a vote.<\/p>\n

Twenty-three states and the District of Columbia currently allow for the use of medical marijuana, while four have legalized at least some degree of recreational use.<\/p>\n

Michael Cipriano is a student at American University in Washington, D.C., and an intern for The Cortez Journal.<\/p>\n","protected":false},"excerpt":{"rendered":"

Under the current federal tax code, businesses that sell Schedule I or Schedule II substances \u2013 as defined by the Controlled Substances Act \u2013 are prohibited from receiving tax deductions from the expenses associated with the sale of the illicit substance. Marijuana is classified as a Schedule I substance. \u201cWith more states joining Colorado […]<\/p>\n","protected":false},"author":1,"featured_media":113000,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5736,5735],"tags":[13,135,1610],"naviga_topic":[],"class_list":["post-112999","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-local-news","category-news","tag-frontpage-lead","tag-marijuana","tag-recreational-marijuana"],"acf":[],"author_name":"dh_admin","_links":{"self":[{"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/posts\/112999","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/comments?post=112999"}],"version-history":[{"count":0,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/posts\/112999\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/media\/113000"}],"wp:attachment":[{"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/media?parent=112999"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/categories?post=112999"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/tags?post=112999"},{"taxonomy":"naviga_topic","embeddable":true,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/naviga_topic?post=112999"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}