{"id":2537844,"date":"2023-04-19T08:00:00","date_gmt":"2023-04-19T12:00:00","guid":{"rendered":"https:\/\/platoai.gbaglobal.org\/platowire\/bipartisan-cannabis-business-tax-relief-bill-introduced-by-house-lawmakers\/"},"modified":"2023-04-19T08:00:00","modified_gmt":"2023-04-19T12:00:00","slug":"bipartisan-cannabis-business-tax-relief-bill-introduced-by-house-lawmakers","status":"publish","type":"platowire","link":"https:\/\/platoai.gbaglobal.org\/platowire\/bipartisan-cannabis-business-tax-relief-bill-introduced-by-house-lawmakers\/","title":{"rendered":"Bipartisan Cannabis Business Tax Relief Bill Introduced by House Lawmakers"},"content":{"rendered":"<p>On April 20th, 2021, a bipartisan group of lawmakers in the United States House of Representatives introduced a bill aimed at providing tax relief to cannabis businesses. The bill, known as the &#8220;Cannabis Opportunity and Taxation Act&#8221; (COTA), would remove cannabis from the list of controlled substances under federal law and establish a federal excise tax on cannabis products.<\/p>\n<p>The COTA bill is co-sponsored by Representatives Earl Blumenauer (D-OR), Ed Perlmutter (D-CO), Barbara Lee (D-CA), and Dave Joyce (R-OH). The bill has been introduced in previous sessions of Congress but has yet to gain enough support to pass.<\/p>\n<p>The bill would establish a federal excise tax on cannabis products, starting at 10% and increasing to 25% over five years. The revenue generated from the tax would be used to fund programs aimed at helping communities that have been disproportionately affected by the war on drugs.<\/p>\n<p>In addition to the excise tax, the bill would also allow cannabis businesses to deduct normal business expenses from their taxes, just like any other business. Currently, cannabis businesses are not allowed to deduct these expenses due to the fact that cannabis is still illegal under federal law.<\/p>\n<p>The COTA bill would also create a Small Business Administration program aimed at providing loans and technical assistance to cannabis businesses owned by socially and economically disadvantaged individuals.<\/p>\n<p>The introduction of the COTA bill is a significant step forward for the cannabis industry, which has been struggling with high taxes and limited access to banking services due to the fact that cannabis is still illegal under federal law. The bill has received support from a wide range of organizations, including the National Cannabis Industry Association and the Marijuana Policy Project.<\/p>\n<p>However, the bill still faces significant opposition from some lawmakers who believe that cannabis should remain illegal under federal law. It remains to be seen whether the COTA bill will gain enough support to pass, but its introduction is a positive sign for the future of the cannabis industry in the United States.<\/p>\n<ul class=\"plato-post-bottom-links\">\n<li class=\"plato-post-bottom-link-amplifi\">SEO Powered Content &amp; PR Distribution. <a href=\"https:\/\/www.amplifipr.com\" target=\"_blank\" rel=\"noopener\">Get Amplified Today.<\/a><\/li>\n<li class=\"plato-post-bottom-link-platoblockchain\">PlatoAiStream. Web3 Intelligence. Knowledge Amplified. <a href=\"https:\/\/platoaistream.com\" target=\"_blank\" rel=\"noopener\">Access Here.<\/a><\/li>\n<li class=\"plato-post-bottom-link-mintingthefuture\">Minting the Future w Adryenn Ashley. <a href=\"https:\/\/mintingthefuture.com\" target=\"_blank\" rel=\"noopener\">Access Here.<\/a><\/li>\n<li class=\"plato-post-bottom-link-source\"><span>Source: Plato Data Intelligence:<\/span> <a rel=\"noopener\" target=\"_blank\" href=\"https:\/\/platodata.io\">PlatoData<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>On April 20th, 2021, a bipartisan group of lawmakers in the United States House of Representatives introduced a bill aimed at providing tax relief to cannabis businesses. The bill, known as the &#8220;Cannabis Opportunity and Taxation Act&#8221; (COTA), would remove cannabis from the list of controlled substances under federal law and establish a federal excise [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":2527026,"menu_order":0,"template":"Default","format":"standard","meta":[],"aiwire-tag":[676,560,3965,314,5072,364,8817,11,342,848,17,18,849,20,21,4141,4304,790,1158,23,368,317,6699,724,217,444,29,1320,10451,8427,8429,8431,1773,3986,529,8439,731,284,3993,8255,687,22828,10788,457,4602,13430,1507,8654,3633,1007,2669,1014,50,1016,51,1625,54,382,1514,1794,55,1795,166,2943,11917,6617,57,389,326,290,58,1234,752,60,61,62,248,249,2360,4676,1053,2227,9139,2821,2491,8262,10923,1252,10151,3776,75,78,1853,11301,1069,184,185,5229,1072,5,10,7,8,5330,81,701,1813,490,3819,84,661,191,91,2111,491,93,3504,6184,1548,97,1114,6984,416,1697,99,1855,3872,18767,837,1826,1959,778,502,3367,8270,639,2864,5843,10127,5137,3313,108,109,205,110,207,111,2302,1960,1961,429,3457,8876,9,787,311,2769,7170,124,125,920,126,2311,6],"aiwire":[27723],"_links":{"self":[{"href":"https:\/\/platoai.gbaglobal.org\/wp-json\/wp\/v2\/platowire\/2537844"}],"collection":[{"href":"https:\/\/platoai.gbaglobal.org\/wp-json\/wp\/v2\/platowire"}],"about":[{"href":"https:\/\/platoai.gbaglobal.org\/wp-json\/wp\/v2\/types\/platowire"}],"author":[{"embeddable":true,"href":"https:\/\/platoai.gbaglobal.org\/wp-json\/wp\/v2\/users\/2"}],"version-history":[{"count":0,"href":"https:\/\/platoai.gbaglobal.org\/wp-json\/wp\/v2\/platowire\/2537844\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/platoai.gbaglobal.org\/wp-json\/wp\/v2\/media\/2527026"}],"wp:attachment":[{"href":"https:\/\/platoai.gbaglobal.org\/wp-json\/wp\/v2\/media?parent=2537844"}],"wp:term":[{"taxonomy":"aiwire-tag","embeddable":true,"href":"https:\/\/platoai.gbaglobal.org\/wp-json\/wp\/v2\/aiwire-tag?post=2537844"},{"taxonomy":"aiwire","embeddable":true,"href":"https:\/\/platoai.gbaglobal.org\/wp-json\/wp\/v2\/aiwire?post=2537844"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}