Keeps tax rules for businesses selling illegal marijuana from changing.
This bill would make sure that businesses dealing in marijuana or certain other controlled substances, when those activities are illegal under federal or state law, cannot claim tax deductions for their expenses. It clarifies existing rules, ensuring these businesses continue to pay taxes on their full income without reducing it through deductions or credits.
Today, businesses trafficking in illegal Schedule I and II controlled substances cannot claim tax deductions or credits. This bill would explicitly add marijuana to this rule and clarify that the prohibition applies if the business or its activities are illegal under federal or state law. The changes would apply to expenses paid after the bill becomes law.
S 471 · 119th Congress · AI Summary by gemini-2.5-flash · 9/10
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4 filings mentioned this bill
Amounts reflect total quarterly lobbying spend reported to the Senate, not bill-specific spending. Source: Senate LDA filings.