Steve Sims EA llc

News

Announcements and Updates

In case you don’t remember...Keep up with the California tax law and legislation related to medicinal and adult-use of cannabis.

The Medicinal and Adult-Use Cannabis Regulation and Safety Act (MAUCRSA), SB 94, passed on June 27, 2017. It established a comprehensive system to control and regulate the cultivation, distribution, transport, storage, manufacturing, processing, and sale of medicinal and adult-use cannabis, and related products.

The MAUCRSA defines the power and duties of the various state agencies responsible for controlling and regulating the commercial medicinal and adult-use cannabis industry.

Current Law

Cannabis businesses that have already received any required licenses or permits from their local jurisdiction may apply for state licenses to operate from various agencies.

Businesses operating under these state licenses can choose any form of valid business structure for their business. They are able to operate on a for-profit or not-for-profit basis. They are not eligible for California franchise and income tax exemption, as they do not meet the requirements as described in Internal Revenue Code Section 501(c) or California Revenue and Taxation Code (R&TC) Section 23701.


For more information click here:

https://www.ftb.ca.gov/businesses/cannabis-law.shtml

For a Cannabis Guide for Businesses click here: http://www.cdtfa.ca.gov/industry/cannabis.htm

steve@stevesimsea.com


GeneralSteve Sims#ftb, #cannabis