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H.R. 1118 (116th): Small Business Tax Equity Act of 2019

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The text of the bill below is as of Feb 8, 2019 (Introduced). The bill was not enacted into law.

I

116th CONGRESS

1st Session

H. R. 1118

IN THE HOUSE OF REPRESENTATIVES

February 8, 2019

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.

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.