HR 2643
Small Business Tax Equity Act of 2023
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- Passed House
- Passed Senate
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- Became Law
Bill overview
This bill, the Small Business Tax Equity Act of 2023, aims to provide tax relief for small businesses that sell marijuana legally under state laws. It modifies a section of the Internal Revenue Code that currently prevents these businesses from claiming tax deductions and credits related to their operations. Specifically, it allows these businesses to deduct and claim credits for expenses associated with their marijuana sales, as long as they comply with state regulations. This change would help level the playing field for small marijuana businesses.
Sponsors
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Primary sponsor
Earl Blumenauer
Cosponsors
Barbara Lee
Becca [D-VT-At Large] Balint
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