Bill > H4472

This bill aims to rescind the effect of Internal Revenue Code (IRC) Section 280E on businesses legally selling marijuana in Massachusetts. Section 280E of the IRC currently prohibits marijuana businesses from deducting certain business expenses, even though the sale of marijuana is legal in the state. This bill would allow such businesses to deduct expenses that would otherwise be permissible under the tax code, except for the restrictions imposed by Section 280E. The bill proposes amending the Massachusetts General Laws to explicitly permit these deductions for state income tax purposes, providing tax relief to legally operating marijuana establishments and medical marijuana treatment centers in the state.