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FB /quotes/zigman/9962609/composite 89.89 2.66 3.05%
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GOOG /quotes/zigman/30194416/composite 614.34 16.55 2.77%
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C /quotes/zigman/5065548/composite 51.75 0.81 1.59%
F /quotes/zigman/264304/composite 13.87 0.15 1.09%
T /quotes/zigman/398198/composite 32.82 0.50 1.55%
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0.4%

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You Don’t Need Another Credit Card, You Need A Better One.
Avg. APR Last Week 6 Months
Low Interest 11.62% 11.62% 11.53%
Business 12.85% 12.85% 12.85%
Student 13.14% 13.14% 13.14%
Balance Transfer 14.12% 14.12% 14.00%
Airline 15.10% 15.10% 15.15%
Reward 15.14% 15.14% 14.99%
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Bad Credit 22.73% 22.73% 22.48%
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The Tax Blog
The latest news, insights and tips about taxes

Medical Marijuana Not Tax-Exempt

The latest target for California tax collectors is the state’s medical marijuana business.

Getty Images

The California Board of Equalization, which collects taxes and fees, last week announced that medical marijuana is not exempt from sales tax like other prescribed medicines.

The case arose after the Board audited Berkeley Patients Group, Inc. in Northern California. The marijuana dispensary argued that the $51 million of marijuana it sold between July 1, 2004 and June 30, 2007 should be exempt from sales tax. The board disagreed because state tax code doesn’t have a specific exemption for the marijuana, and said the dispensary owes more than $6.4 million in back taxes and interest.

The Board also confirmed that dispensaries need a seller’s permit. Those without one could be subject to an eight-year look-back period for taxes, penalties and interest.

The California tax authority estimates that it now collects $58 million to $105 million in sales tax on annual retail sales of $700 million to $1.3 billion of medical marijuana. Board Chairman Jerome Horton wants to see legislation that licenses all marijuana growers, importers, wholesalers and retailers in the state. “Such proposed controls will have the same effect of regulating and controlling sales and capturing appropriate sales tax,” he said in a board press release.

Other California medical-marijuana dispensaries are lobbying Congress and the IRS to clarify the section of the tax code known as 280E to exempt medical marijuana distributors. A few well-known legislators including Massachusetts Rep. Barney Frank and California Rep. Peter Stark have written the IRS supporting this cause.

Readers, do you think medical marijuana dispensaries should be taxed?

 

 

Comments

We welcome thoughtful comments from readers. Please comply with our guidelines. Our blogs do not require the use of your real name.

Comments (5 of 22)

View all Comments »
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About The Tax Blog

  • The Tax Blog brings together a team of award-winning tax journalists from the Dow Jones network and around the web to examine the tax issues, changes and legislation that affect families, investors and small business owners. Our contributors include Tax Report columnist Laura Saunders (WSJ), Tax Guy columnist Bill Bischoff and senior reporter Jilian Mincer (SmartMoney.com), retirement-focused reporter Anne Tergesen (WSJ), wealth management writer Arden Dale (Dow Jones Newswires), TaxWatch columnist Eva Rosenberg and personal finance reporter Andrea Coombes (MarketWatch), and reporter Alyssa Abkowitz (SmartMoney). They’ll provide the latest news and insight, mine the tax code for tips and loopholes, and answer your questions about tricky tax situations. Contact the The Tax Blog with ideas, suggestions or tax questions at thetaxblog@dowjones.com.

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Markets »

133.48MDow Volume:
Avg Vol: 113.01M
Unchanged
201
Decliners
1922
Advancers
4480
Price Chg %Chg 1 Day
Range: 1 Day
  • 1 Day
  • 5 Days
  • 1 Month
  • 3 Months
  • 6 Months
  • 1 Year
  • 2 Years
Dow
/quotes/zigman/627449/realtime 16,351 +293 1.82%
Nasdaq
/quotes/zigman/12633936/realtime 4,750 +114 2.46%
S&P 500
/quotes/zigman/3870025/realtime 1,949 +35 1.83%
GlobalDow
/quotes/zigman/629063/realtime 2,314 +0 0.02%
Gold
/quotes/zigman/662444/delayed 1,132 -1 0.11%
Oil
/quotes/zigman/2331095/delayed 46.22 -0.03 0.06%
FTSE 100
/quotes/zigman/3173262/delayed 6,083 +25 0.41%
DAX
/quotes/zigman/2380246/delayed 10,048 +32 0.32%
CAC 40
/quotes/zigman/3173214/delayed 4,555 +14 0.30%
FTSE MIB
/quotes/zigman/1482176/delayed 21,612 +161 0.75%
IBEX 35
/quotes/zigman/2759620/delayed 9,938 -55 0.55%
Stoxx 600
/quotes/zigman/2380150/delayed 354 +1 0.27%
Asia Dow
/quotes/zigman/6959860/realtime 2,708 +4 0.15%
Nikkei 225
/quotes/zigman/5986735/delayed 18,253 +157 0.87%
Hang Seng
/quotes/zigman/2622475/delayed 20,935 -250 1.18%
Shanghai
/quotes/zigman/1859015/delayed 3,160 -6 0.20%
Sensex
/quotes/zigman/1652085/delayed 25,705 +251 0.99%
Singapore
/quotes/zigman/1709939/delayed 2,900 +21 0.74%
Euro
/quotes/zigman/16008136/realtime/sampled 1.12 +0.00 0.04%
Yen
/quotes/zigman/16008150/realtime/sampled 120.40 +0.07 0.06%
Pound
/quotes/zigman/16008140/realtime/sampled 1.53 0.00 0.07%
Australia$
/quotes/zigman/16008115/realtime/sampled 0.70 0.00 0.53%
DXY Index
/quotes/zigman/1652083/delayed 95.92 -0.07 0.07%
WSJ $ Idx
/quotes/zigman/41508961/realtime 88.63 +0.07 0.08%
U.S. 10yr
/quotes/zigman/15866666/realtime 2.17 -0.01 0.65%
German 10y
/quotes/zigman/15866409/realtime 0.78 -0.02 1.96%
Italy 10yr
/quotes/zigman/15866497/realtime 2.00 0.00 0.02%
Spain 10yr
/quotes/zigman/15866444/realtime 2.15 +0.01 0.45%
U.K. 10yr
/quotes/zigman/15866328/realtime 1.82 -0.01 0.55%
Japan 10yr
/quotes/zigman/15866525/realtime 0.41 +0.01 2.40%
Crude Oil
/quotes/zigman/2331095/delayed 46 0 0.06%
Gold
/quotes/zigman/662444/delayed 1,132 -1 0.11%
Corn
/quotes/zigman/7599553/delayed 366 -1 0.34%
DJIA F
/quotes/zigman/38649152/delayed 16,347 +17 0.10%
S&P F
/quotes/zigman/30356461/delayed 1,949 +2 0.10%
Silver
/quotes/zigman/3134148/delayed 15 0 0.15%

Quotes

Symbol Price Change % Change
FB /quotes/zigman/9962609/composite 89.89 2.66 3.05%
AAPL /quotes/zigman/68270/composite 112.34 4.62 4.29%
GOOG /quotes/zigman/30194416/composite 614.34 16.55 2.77%
BAC /quotes/zigman/190927/composite 15.85 0.32 2.06%
C /quotes/zigman/5065548/composite 51.75 0.81 1.59%
F /quotes/zigman/264304/composite 13.87 0.15 1.09%
T /quotes/zigman/398198/composite 32.82 0.50 1.55%
BP /quotes/zigman/247026/composite 32.20 0.06 0.19%
GE /quotes/zigman/227468/composite 24.57 0.69 2.89%
Visit the quote page and your most recently viewed stocks will automatically be displayed here.
Please log in to view your watchlist
MarketWatch Portfolio

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Rates »

5 yr CD
1.5%
2 yr CD
0.8%
1 yr CD
0.6%
MMA $10K+
0.3%
MMA $50K+
0.4%

National averages from Bankrate.com

You Don’t Need Another Credit Card, You Need A Better One.
Avg. APR Last Week 6 Months
Low Interest 11.62% 11.62% 11.53%
Business 12.85% 12.85% 12.85%
Student 13.14% 13.14% 13.14%
Balance Transfer 14.12% 14.12% 14.00%
Airline 15.10% 15.10% 15.15%
Reward 15.14% 15.14% 14.99%
Cash Back 15.27% 15.27% 15.26%
Instant Approval 18.00% 18.00% 17.93%
Bad Credit 22.73% 22.73% 22.48%
Source:CreditCards.com

SPONSORED SECTIONS

Trending Tickers
  • /quotes/zigman/107702/composite KNDI-0.63%
  • /quotes/zigman/246199/composite XLE+0.92%
  • /quotes/zigman/23556538/composite TWTR+2.92%
  • /quotes/zigman/32032597/composite IMPR-0.20%
  • /quotes/zigman/52940733/composite TDOC-3.06%
X
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