summary
Introduced
02/09/2017
02/09/2017
In Committee
08/21/2017
08/21/2017
Crossed Over
05/11/2017
05/11/2017
Passed
Dead
09/30/2018
09/30/2018
Introduced Session
2017-2018 Regular Session
Bill Summary
An act to add Section 17209 to the Revenue and Taxation Code, relating to taxation, to take effect immediately, tax levy.
AI Summary
This bill, for each taxable year beginning on and after January 1, 2018, would specifically provide in the Personal Income Tax Law for nonconformity to the federal law that disallows a deduction or credit for business expenses of a trade or business whose activities consist of trafficking specified controlled substances, only for commercial cannabis activity authorized under the Medicinal and Adult-Use Cannabis Regulation and Safety Act (MAUCRSA). This would allow deduction of business expenses for a cannabis or marijuana trade or business under the Personal Income Tax Law. The bill would take effect immediately as a tax levy.
Committee Categories
Budget and Finance, Business and Industry
Sponsors (6)
Rob Bonta (D)*,
Ken Cooley (D)*,
Brian Dahle (R)*,
Reggie Jones-Sawyer (D)*,
Tom Lackey (R)*,
Jim Wood (D)*,
Last Action
In committee: Held under submission. (on 09/01/2017)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | http://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=201720180AB420 |
| Bill | http://leginfo.legislature.ca.gov/faces/billTextClient.xhtml?bill_id=201720180AB420 |
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