By Katie Rucke for MintPress News

A bill that would allow the same tax deductions for marijuana-related business as other businesses is gaining traction in Washington.

On Thursday, the National Cannabis Industry Association, the sole national trade association in the U.S. working to advance the interests of cannabis-related businesses, announced a new piece of legislation that would essentially force the federal government to tax marijuana-industry related businesses at the same rate as all other small businesses.

HR 2240, also known as the “Small Business Tax Equity Act,” would add an exception for legal marijuana businesses in states that have legalized the substance to Section 280E of the Internal Revenue Code, which currently creates a gross receipts tax situation for legal cannabis dispensaries and other marijuana-related businesses. Other supporters include Grover Norquist’s group Americans for Tax Reform — which NCIA is a member of — and Rep. Earl Blumenauer (D-Ore.).

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