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S. 777 (115th): Small Business Tax Equity Act of 2017

The text of the bill below is as of Mar 30, 2017 (Introduced).


II

115th CONGRESS

1st Session

S. 777

IN THE SENATE OF THE UNITED STATES

March 30, 2017

(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 2017.

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.