Bill
Bill > H3045
MA H3045
Rescinding the discriminatory effect of IRC 280E on businesses legally selling marijuana
summary
Introduced
03/29/2021
03/29/2021
In Committee
04/07/2022
04/07/2022
Crossed Over
Passed
Dead
12/31/2022
12/31/2022
Introduced Session
192nd General Court
Bill Summary
Relative to the taxation of certain businesses legally selling marijuana. Revenue.
AI Summary
This bill aims to rescind the discriminatory effect of Internal Revenue Code (IRC) Section 280E on businesses legally selling marijuana in Massachusetts. Specifically, it would allow these businesses to deduct expenses that would otherwise be disallowed under Section 280E, which currently prevents them from deducting ordinary business expenses. The bill amends the state's tax laws to provide these deductions for both corporate and individual income taxes, effective for tax years beginning on or after January 1, 2021.
Committee Categories
Budget and Finance
Sponsors (4)
Last Action
No further action taken (on 01/03/2023)
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://malegislature.gov/Bills/192/H3045 |
| Bill | https://malegislature.gov/Bills/192/H3045.pdf |
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