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.

Bill: 117-hr-9702
Sponsor: full_name: Rep. Mace, Nancy [R-SC-1]
Introduced: 2022-12-30
Policy area: Taxation
Latest action: action_date: 2022-12-30
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2022-12-30
action_desc: Introduced in House
text: <p><strong></strong>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: I 117th CONGRESS 2d Session H. R. 9702 IN THE HOUSE OF REPRESENTATIVES December 30, 2022 Ms. Mace introduced the following bill; which was referred to the Committee on Ways and Means 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. 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.