Introduced:
Feb 6, 2025
Policy Area:
Taxation
Congress.gov:
Bill Statistics
2
Actions
1
Cosponsors
0
Summaries
1
Subjects
1
Text Versions
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Full Text
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Latest Action
Feb 6, 2025
Read twice and referred to the Committee on Finance.
Actions (2)
Read twice and referred to the Committee on Finance.
Type: IntroReferral
| Source: Senate
Feb 6, 2025
Introduced in Senate
Type: IntroReferral
| Source: Library of Congress
| Code: 10000
Feb 6, 2025
Subjects (1)
Taxation
(Policy Area)
Cosponsors (1)
(R-NE)
Feb 6, 2025
Feb 6, 2025
Full Bill Text
Length: 2,176 characters
Version: Introduced in Senate
Version Date: Feb 6, 2025
Last Updated: Nov 11, 2025 6:10 AM
[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 471 Introduced in Senate
(IS) ]
<DOC>
119th CONGRESS
1st Session
S. 471
To amend the Internal Revenue Code of 1986 to maintain the prohibition
on allowing any deduction or credit associated with a trade or business
involved in trafficking marijuana.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
February 6 (legislative day, February 5), 2025
Mr. Lankford (for himself and Mr. Ricketts) 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 maintain the prohibition
on allowing any deduction or credit associated with a trade or business
involved in trafficking marijuana.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
[From the U.S. Government Publishing Office]
[S. 471 Introduced in Senate
(IS) ]
<DOC>
119th CONGRESS
1st Session
S. 471
To amend the Internal Revenue Code of 1986 to maintain the prohibition
on allowing any deduction or credit associated with a trade or business
involved in trafficking marijuana.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
February 6 (legislative day, February 5), 2025
Mr. Lankford (for himself and Mr. Ricketts) 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 maintain the prohibition
on allowing any deduction or credit associated with a trade or business
involved in trafficking marijuana.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1.
This Act may be cited as the ``No Deductions for Marijuana
Businesses Act''.
SEC. 2.
(a) In General.--
Section 280E of the Internal Revenue Code of 1986
is amended to read as follows:
``
is amended to read as follows:
``
``
SEC. 280E.
``No deduction or credit shall be allowed for any amount paid or
incurred during the taxable year in carrying on any trade or business
if such trade or business (or the activities which comprise such trade
or business) consists of trafficking in--
``
(1) marijuana (as defined in
section 102
(16) of the
Controlled Substances Act (21 U.
(16) of the
Controlled Substances Act (21 U.S.C. 802
(16) )), or
``
(2) controlled substances (within the meaning of schedule
I and II of the Controlled Substances Act),
which is prohibited by Federal law or the law of any State in which
such trade or business is conducted.''.
(b) Effective Date.--The amendment made by this section shall apply
to amounts paid or incurred after the date of the enactment of this Act
in taxable years ending after such date.
<all>