COLUMBIA, SC (WIS) - South Carolina Congressman Mark Sanford of the Lowcountry is co-sponsoring legislation that would make it easier for states that allow the sale of marijuana to make the same deductions offered to other businesses.
Signing on with Rep. Carlos Curbelo of Florida, the pair are offering what they are calling the Small Business Tax Equity Act of 2017.
"This bill would allow businesses who legally sell marijuana within a state to make the same deductions offered to other businesses," Sanford wrote on his Facebook page. "The principle here is simple, if a state makes something legal...it ought to be treated on par and equally with other legal businesses in the state."
According to Sanford, 28 states currently allow the sale of medical marijuana, but the federal government's classification of marijuana as a Class I substance makes it impossible for businesses that sell legal pot to deduct business expenses.
The legislation, however, does not seek to legalize the drug or reclassify it despite recent pushes by individual states such as Colorado and Washington.