Bill
Bill > H3079
MA H3079
Rescinding the discriminatory effect of IRC 280E on businesses legally selling marijuana
summary
Introduced
03/29/2021
03/29/2021
In Committee
03/29/2021
03/29/2021
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. 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)
Official Document
bill text
bill summary
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bill summary
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bill summary
Document Type | Source Location |
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State Bill Page | https://malegislature.gov/Bills/192/H3079 |
Bill | https://malegislature.gov/Bills/192/H3079.pdf |
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