Small Business Tax Equity Act of 2019

Bill: 116-s-422
Sponsor: full_name: Sen. Wyden, Ron [D-OR]
Introduced: 2019-02-07
Policy area: Taxation
Subjects: Alternative treatments

Business investment and capital

Drug trafficking and controlled substances

Income tax credits

Income tax deductions

Retail and wholesale trades
Latest action: action_date: 2019-02-07
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2019-02-07
action_desc: Introduced in Senate
text: <p><strong>Small Business Tax Equity Act of 201</strong><b>9</b></p> <p>This bill exempts a trade or business that conducts marijuana sales in compliance with state law from a provision in the Internal Revenue Code that prohibits business-related tax credits or deductions for expenditures in connection with trafficking in controlled substances. </p>

tv_txt: II 116th CONGRESS 1st Session S. 422 IN THE SENATE OF THE UNITED STATES February 7, 2019 Mr. Wyden (for himself, Mr. Paul , Mr. Bennet , and Mrs. Murray ) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to allow deductions and credits relating to expenditures in connection with marijuana sales conducted in compliance with State law.

1. Short title This Act may be cited as the Small Business Tax Equity Act of 2019 . 2. Allowance of deductions and credits relating to expenditures in connection with marijuana sales conducted in compliance with State law (a) In general Section 280E of the Internal Revenue Code of 1986 is amended by inserting before the period at the end the following: , unless such trade or business consists of marijuana sales conducted in compliance with State law . (b) Effective date The amendment made by this section shall apply with respect to taxable years ending after the date of the enactment of this Act.