Thursday, March 14, 2013

The Perfect Time?!?!?!

Well kids there is a little meeting coming up in Washington that would love to hear from us and the Cannabis Industry. The hearing will take place on Tuesday, March 19, 2013, in Room 1100 of the Longworth House Office Building, beginning at 10:00 A.M.. This meeting is about Tax Reform and Tax Provisions affecting states and local governments! Doesn't this sound like something we have been trying to change with the Cannabis Industry for years. We all know tax codes are not in our favor of this industry. Is this not the place to ask about tax codes when it comes to the industry? I wish I could make this meeting and ask myself. I am probably reading into this to much but this sounds like a great place to ask about reforming the tax codes on Cannabis to me. This part of the release is why I think it would be a great topic at this meeting. “As we continue to work toward comprehensive tax reform that significantly lowers rates and makes the code fairer and simpler so that we can spur a climate for job creation, higher wages and better benefits, we must better understand how various aspects of the tax code affect stakeholders. To that end, it is important that the Committee hear directly from those who are familiar with the impact of Federal taxation on State and local governments before considering any proposals as part of comprehensive tax reform.” Chairman Camp

Here is a link to the Hearing Advisory Here.

This is also where US HB501 SITS look at the summary of the the bill Marijuana Tax Equity Act of 2013 - Amends the Internal Revenue Code to impose an excise tax on: (1) the sale of marijuana by producers or importers of such drug equal to 50% of the sales price, and (2) each person who is engaged in a marijuana enterprise. Defines "marijuana enterprise" to mean a producer, importer, manufacturer, distributor, retailer or any person who transports, stores, displays, or otherwise participates in any business activity that handles marijuana or marijuana products. Requires any person who engages in a marijuana enterprise to obtain a permit to engage in such business. Imposes civil and criminal penalties for violations of the requirements of this Act.

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