Tax Relief

No lifting of tax breaks veto for marijuana corporations – Greenway Journal

When the Missouri Legislature convened for a veto on September 15, the prospect of a veto override on SB226 was dire.

The bill includes wording that would allow Missouri’s legal marijuana companies to deduct the unauthorized expenses from their federal revenues in order to bring them into line with other companies operating in the state. The language would have marked one of the most significant advances for marijuana companies in Missouri since medical marijuana was legalized. The change in taxation could mean a difference of hundreds of thousands, if not millions of dollars for some operators. The bill was passed in May, but Governor Mike Parson vetoed it in July.

Despite a push from industry lobbyists and a call from MoCannTrade, there was no lifting of the SB226 veto. In fact, there were no overrides of a measure in the legislature on Wednesday.

Senator Andrew Koenig, R-Manchester’s motion to rewrite SB226 was offered and withdrawn.

As for the rest of Parson’s vetoes, the House of Representatives voted to remove four of the governor’s veto vetoes on the appropriation laws, but after four hours of debate in the Senate, the overrides failed.

I’m looking forward to

While the lack of movement toward financial parity for marijuana companies has been disappointing at both the state and federal levels, there is hope for the next year in Missouri.

The marijuana-related language did not affect the SB226 veto, the veto instead related to a different language on the property tax and sales tax bill. With pro-marijuana business language getting passed the House and Senate, and the governor’s office showing no opposition to marijuana industry-friendly language, the likelihood of successful legislation in Missouri next year is high.

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