COLORADO TAXES | AUG 5, 2011 | Medical Marijuana as Medicine and Non-Taxable | On Tuesday, despite evidence that the tax could yield tens of thousands of dollars in revenues annually, the council decided to leave it off the ballot. - Council member Bob Saunders said that since the town doesn’t have an excise tax on pharmaceuticals, he doesn’t see why it would tax medical marijuana.
Tax attorney - Robert W. Woods, states: "Sales tax isn’t the only issue. As I noted here, the IRS also has issues with medical marijuana. Under federal tax law, Internal Revenue Code Section 280E precludes deductions for any business trafficking in controlled substances. For that reason, some dispensaries have been stuck paying tax on their gross income, not on their net after expenses!
Two Colorado suppliers of medical marijuana are employing an RFID system provided by Denver startup LeafTrack, to provide visibility into the health of plants as they grow, as well as to meet the state's stringent requirements for tracking the drug, from seed to user.
SACRAMENTO, CA | June 2011 | Next meeting - Aug 10 | Board Votes to Develop Permanent Medical Marijuana Ordinance - A deliberative process will be initiated including further analysis and public hearings. Because dispensaries are not currently permitted in the unincorporated County, staff will return to the Board on August 10 at 10:30 a.m. with a report and recommendation on enhanced enforcement options.
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