Bill > H2510

This bill seeks to rescind the effect of Internal Revenue Code (IRC) Section 280E on businesses legally selling marijuana in Massachusetts. Specifically, it allows these businesses to deduct expenses that would normally be disallowed under IRC 280E, which prohibits deductions for businesses trafficking in controlled substances. The bill amends the Massachusetts tax code to permit deductions for expenses incurred by marijuana establishments and medical marijuana treatment centers that would have been allowable under the federal tax code but for IRC 280E. This change is effective for tax years beginning on or after January 1, 2019.