Bill

Bill > H3079


MA H3079

Rescinding the discriminatory effect of IRC 280E on businesses legally selling marijuana


summary

Introduced
03/29/2021
In Committee
03/29/2021
Crossed Over
Passed
Dead
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. Specifically, the bill proposes to amend the Massachusetts General Laws to allow businesses operating as marijuana establishments or medical marijuana treatment centers to deduct expenses that would otherwise be disallowed under IRC Section 280E. The bill provides that these deductions would be applicable for tax years beginning on or after January 1, 2021, effectively allowing such businesses to claim deductions that were previously prohibited due to the federal tax code's restrictions on businesses involved in the sale of controlled substances.

Committee Categories

Budget and Finance

Sponsors (5)

Last Action

Accompanied H3045 (on 04/07/2022)

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