[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 987 Introduced in Senate (IS)]

114th CONGRESS
  1st Session
                                 S. 987

  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.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             April 16, 2015

  Mr. Wyden (for himself, Mr. Merkley, and Mr. Bennet) 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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Small Business Tax Equity Act of 
2015''.

SEC. 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.
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