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No Tax Deductions for Marijuana and Controlled Substance Businesses.

This bill aims to maintain the prohibition on tax deductions and credits for businesses involved in trafficking marijuana and other controlled substances, if prohibited by federal or state law. This means these businesses cannot reduce their taxes by deducting expenses related to their operations, potentially impacting their profitability and product pricing.
Key points
Businesses trafficking marijuana or other controlled substances will not be allowed tax deductions or credits.
The prohibition applies if the activity is illegal under federal or state law where the business operates.
The changes will apply to expenses paid or incurred after the bill's enactment date.
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Status: Introduced
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Additional Information
Print number: 119_HR_1447
Sponsor: Rep. Arrington, Jodey C. [R-TX-19]
Process start date: 2025-02-21