summary
Introduced
02/07/2019
02/07/2019
In Committee
02/07/2019
02/07/2019
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
A bill to amend the Internal Revenue Code of 1986 to allow deductions and credits relating to expenditures in connections with marijuana sales conducted in compliance with State law. This bill exempts a trade or business that conducts marijuana sales in compliance with state law from a provision in the Internal Revenue Code that prohibits business-related tax credits or deductions for expenditures in connection with trafficking in controlled substances.
AI Summary
This bill amends the Internal Revenue Code to allow deductions and credits relating to expenditures in connection with the sale of marijuana, as long as those sales are conducted in compliance with state law. Specifically, it exempts businesses that conduct marijuana sales in compliance with state law from a provision in the tax code that prohibits business-related tax credits or deductions for expenditures in connection with trafficking in controlled substances. The amendment applies to taxable years ending after the date of the bill's enactment.
Committee Categories
Budget and Finance
Sponsors (5)
Last Action
Read twice and referred to the Committee on Finance. (on 02/07/2019)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/senate-bill/422/all-info |
| BillText | https://www.congress.gov/116/bills/s422/BILLS-116s422is.pdf |
| Bill | https://www.congress.gov/116/bills/s422/BILLS-116s422is.pdf.pdf |
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