[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 422 Introduced in Senate (IS)]

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116th CONGRESS
  1st Session
                                 S. 422

  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

                            February 7, 2019

    Mr. Wyden (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.

    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 
2019''.

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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