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CA AB1863

Bill

Official Source

Status

Vetoed

9/19/2018

Primary Sponsor

Reginald Jones-Sawyer

Click for details

Origin

State Assembly

2017-2018 Session

AI Summary

  • Allows deduction of business expenses for commercial cannabis activities under California Personal Income Tax Law for taxable years beginning January 1, 2018 and later.
  • Creates nonconformity to federal Internal Revenue Code Section 280E, which prohibits deductions for expenses related to trafficking controlled substances, specifically for state-licensed cannabis businesses.
  • Applies only to "commercial cannabis activity" conducted by licensees under the Medicinal and Adult-Use Cannabis Regulation and Safety Act (MAUCRSA).
  • Takes effect immediately as a tax levy.

Legislative Description

Personal income tax: deduction: commercial cannabis activity.

Last Action

Vetoed by Governor.

9/19/2018

Committee Referrals

Appropriations8/8/2018
Governance and Finance6/7/2018
Rules5/30/2018
Appropriations5/7/2018
Revenue and Taxation3/22/2018

Full Bill Text

No bill text available