H.R. 2643 — Introduced in House

I 118th CONGRESS 1st Session H. R. 2643 IN THE HOUSE OF REPRESENTATIVES April 17, 2023Mr. Blumenauer (for himself, Mr. Davis of Illinois, Mr. Joyce of Ohio, Ms. Lee of California, and 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. Short title This Act may be cited as the Small Business Tax Equity Act of 2023. 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.