summary
Introduced
02/08/2019
02/08/2019
In Committee
02/08/2019
02/08/2019
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
To amend the Internal Revenue Code of 1986 to allow deductions and credits relating to expenditures in connection 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 related to expenditures for marijuana sales conducted in compliance with state law. It exempts businesses that sell marijuana legally under state law from a provision that prohibits business-related tax credits or deductions for expenditures connected to trafficking in controlled substances. The bill would apply to taxable years ending after the date of enactment.
Committee Categories
Budget and Finance
Sponsors (13)
Earl Blumenauer (D)*,
Salud Carbajal (D),
Angie Craig (D),
Peter DeFazio (D),
Matt Gaetz (R),
Jared Golden (D),
Kendra Horn (D),
Steven Horsford (D),
Dave Joyce (R),
Joe Neguse (D),
Jimmy Panetta (D),
Ed Perlmutter (D),
Harley Rouda (D),
Last Action
Referred to the House Committee on Ways and Means. (on 02/08/2019)
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/house-bill/1118/all-info |
| BillText | https://www.congress.gov/116/bills/hr1118/BILLS-116hr1118ih.pdf |
| Bill | https://www.congress.gov/116/bills/hr1118/BILLS-116hr1118ih.pdf.pdf |
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