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Cannabis Industry Tax Penalty Gets Attention From More States

Dec. 2, 2022, 6:38 PM

This week in state tax news: A growing number of states are decoupling from a federal rule that imposes a tax penalty on legitimate cannabis companies by barring them from claiming business deductions for their operations. Meanwhile, Ohio is the latest state to find streaming entertainment services aren’t liable for local franchise fees. And Illinois is sweetening its tax incentives for electric vehicle manufacturers.

Each year millions of businesses take advantage of a long list of federal and state tax credits and ...