Marijuana Business Deduction FAQs
The Marijuana Business Deduction is a subtraction from a taxpayer’s federal adjusted gross income in determining the taxpayer’s Missouri adjusted gross income for the amount that is eligible to be claimed as a federal income tax deduction but is disallowed by section 280E of the Internal Revenue Code. This deduction is exclusively limited to taxpayers authorized to do business under Article XIV of Missouri’s Constitution.
For tax years 2022 and forward.
To claim the Marijuana Business subtraction, you will enter the subtraction amount on the below return lines.
- Form MO-A, Part 1, Line 11 and attach to Form MO-1040
- Part 2, Line 7 of Form MO-1120
- Part 1, Line 15 of Form MO-1041
- Part A, Line 9 of Form MO-PTE
You must attach a financial statement/federal schedule(s) for business profit or loss that the federal government was unable to allow as a deduction for a marijuana business, as marijuana is a controlled substance under federal law.
The Department of Revenue does not accept physical gold, silver, or privately minted precious metal coins for payment. An exception is for coins officially minted as currency by the U.S. federal government. Pursuant to Missouri statute (Section 408.010.2, RSMo), if you attempt to pay with an electronic representation of gold or silver through a custody agent or other entity, the attempted payment must be converted to U.S. dollars by the custody agent or other entity that received the payment request before being sent to the Department.