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US SB471
Bill
AI Summary
- Amends Section 280E of the Internal Revenue Code of 1986 to prohibit tax deductions and credits for businesses involved in marijuana trafficking
- Extends the prohibition to all Schedule I and II controlled substances under the Controlled Substances Act
- Applies to trafficking activities prohibited by either federal law or the law of any state where the business operates
- Takes effect for amounts paid or incurred after the date of enactment, applying to taxable years ending after that date
- Introduced February 6, 2025 by Senators Lankford and Ricketts, referred to the Committee on Finance
Legislative Description
No Deductions for Marijuana Businesses Act
Taxation
Last Action
Read twice and referred to the Committee on Finance.
2/6/2025
Committee Referrals
Finance2/6/2025
Full Bill Text
No bill text available