Maine Enacts Subtraction for Medical Marijuana Caregivers, Dispensaries

Caregivers and dispensaries that provide medical marijuana can deduct their business expenses on their Maine tax income returns.

Maine Does Not Conform to Federal Tax Code

Maine enacted legislation that lets registered caregivers and dispensaries subtract business expenses on their Maine returns even when they cannot deduct them on their federal returns. Federal tax law does not allow businesses that “traffic in controlled substances” to deduct business expenses.

The subtraction applies to tax years beginning after 2017.

L.D. 1539 (H.P. 1060), Laws 2018, effective as noted

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All stories by: CCHTaxGroup