Senate: No tax breaks for pot
OLYMPIA -- A unanimous Senate voted to bar tax breaks for the state's fledgling marijuana businesses.
On a 47-0 vote, it passed SB 6505, which says the state's new marijuana entrepreneurs who have filed for licenses to grow, process and sell recreational marijuana won't be eligible for various tax preferences that other businesses might enjoy.
Marijuana is not an agricultural commodity, and growers won't get certain tax breaks farmers who grow other crops receive. The bill excludes marijuana and marijuana-infused products from which eliminates the ability for persons in that industry to take advantage of tax breaks for agriculture. Marijuana businesses will also be ineligible for eight B&O tax preferences; 16 sales and use tax preferences; four additional excise tax preferences; and four property tax preferences, two for real property and two for personal property.
The bill was sent to the House.
