IRS Hosted Forum On Cryptocurrency and Cannabis Tax, North Carolina Takes Action On Revised Bill

The Internal Revenue Service (IRS) on Wednesday hosted a forum dedicated to tax policy for marijuana businesses and cryptocurrency.

The seminar, which was presented by a representative of the National Association of Tax Professionals (NATP), examined issues such as allowable tax deductions while cannabis remains federally illegal and how different states approach taxing marijuana. It also covered issues related to paying taxes on earnings in Bitcoin and other forms of digital currency.

During the IRS Nationwide Tax Forum panel, there was also a discussion about the growing public support for cannabis legalization and the prospects of federal reform.

A second California Assembly committee on Tuesday approved a Senate-passed bill to legalize possession of psychedelics like psilocybin and LSD. But new amendments that add limits on allowable amounts of the substances is creating controversy among advocates.

The Assembly Public Health Committee advanced the legislation, sponsored by Sen. Scott Wiener (D), in a 8-4 vote. This comes weeks after the Public Safety Committee approved the measure.

SB 519 would remove criminal penalties for possessing numerous psychedelics—including psilocybin mushrooms, DMT, ibogaine, LSD, and MDMA—for adults 21 and older.

North Carolina senators on Wednesday took action on a revised bill to legalize medical marijuana.

An earlier version of the reform legislation cleared the same panel and another committee last month, but it was rereferred back to Judiciary earlier this month. Members accepted the revisions in the new version of the bill, setting it up for formal approval at a subsequent meeting.

Under the proposal, sponsored by Rules Committee Chairman Bill Rabon (R), patients would be allowed to access cannabis if they have a “debilitating medical condition” such as cancer, epilepsy, HIV/AIDS, Parkinson’s disease, multiple sclerosis and post-traumatic stress disorder. The committee substitute now allows patients with terminal illnesses and have six months to live, as well as those with conditions resulting in hospice care, to also qualify for cannabis.

Wyoming’s attorney general on Monday issued ballot summaries for proposed initiatives to legalize medical marijuana and decriminalize cannabis possession. Activists are now officially set for signature collection to qualify.

Earlier this month, advocates turned in the requisite 100 initial sponsorship signatures for each measure to the secretary of state. That office then verified them, and the initiatives were submitted to the attorney general for summary language and petition packets.

Hemp offers new economic opportunities for America’s farmers, and the Risk Management Agency is pleased to offer coverage to hemp producers. A pilot hemp insurance program available in select counties through Multi-Peril Crop Insurance (MPCI) provides coverage against loss of yield because of insurable causes of loss for hemp grown for fiber, grain, or cannabidiol (CBD) oil.

WASHINGTON, D.C., Dec. 23, 2019 – USDA’s Risk Management Agency (RMA) today announced a new crop insurance option for hemp growers in select counties of 21 states in 2020. The pilot insurance program will provide Actual Production History (APH) coverage under 508(h) Multi-Peril Crop Insurance (MPCI) for eligible producers in certain counties in Alabama, California, Colorado, Illinois, Indiana, Kansas, Kentucky, Maine, Michigan, Minnesota, Montana, New Mexico, New York, North Carolina, North Dakota, Oklahoma, Oregon, Pennsylvania, Tennessee, Virginia, and Wisconsin.

The MPCI coverage is for hemp grown for fiber, grain or CBD oil for the 2020 crop year. It is in addition to the Whole-Farm Revenue Protection coverage available to hemp growers announced earlier this year.

Aug 18
The GOP in Harrisburg have put the commonwealth at a financial disadvantage because of their prohibition against legalizing marijuana. Just ridiculous to let this opportunity to pass us by.
Marijuana legalization is long overdue in Pennsylvania.

Pennsylvanians want it. I’m for it. And it’s well past time to restore justice to those harmed by criminalization.

I’m going to keep doing everything I can to make it happen.

Colombia’s legislature is discussing several initiatives that seek to regulate the production and consumption of cannabis for recreational purposes among adults.

On Sept. 16, the first committee of the Lower House approved the first debate with a narrow vote of 18-17, allowing the first bill to move forward to the plenary of the Lower House.

Colombia is looking to get adult-use regulations in place for their country. Former president of Colombia tweeted that Colombia needs to move forward with regulating adult cannabis use. We need to lean towards prevention, not prohibition.

Morocco is expected to get started on expanding its marijuana cultivation through the signing of legislation.

Source: Youtube