HB3817 – CLibertyC

Signed as Law: Illinois Eliminates State Conformity with IRS Section 280E for Marijuana Businesses

Post author:Tenth Amendment Center
Post published:June 13, 2023
Post category:Illinois Network Archives Sovereignty Tenth Amendment Center

Provisions in the budget bill decouple the state tax code from federal tax code as it applies to deductions for marijuana businesses. In effect, the changes will allow marijuana businesses in Illinois to take tax deductions on their state returns that they’re currently prohibited from utilizing.

The post Signed as Law: Illinois Eliminates State Conformity with IRS Section 280E for Marijuana Businesses first appeared on Tenth Amendment Center.

To the Governor: Illinois Bill Would Eliminate State Conformity with IRS Section 280E for Marijuana Businesses

Post author:Tenth Amendment Center
Post published:May 30, 2023
Post category:Illinois Network Archives Sovereignty Tenth Amendment Center

Last week, the Illinois House gave final approval to a bill that includes provisions that would eliminate the state’s conformity with Internal Revenue Code (IRC) Section 280E. The enactment of this provision would represent a small, but important state tax relief for marijuana businesses despite ongoing federal cannabis prohibition.

The post To the Governor: Illinois Bill Would Eliminate State Conformity with IRS Section 280E for Marijuana Businesses first appeared on Tenth Amendment Center.