What does Preamble of HR 1447 do?

This bill aims to amend the Internal Revenue Code of 1986 The amendment maintains a prohibition on deductions for marijuana trafficking businesses The bill was introduced in the House of Representatives It was referred to the Committee on Ways and Means The bill is related to trade or business involved in marijuana trafficking

What does SHORT TITLE. of HR 1447 do?

This Act has a short title. The short title is the 'No Deductions for Marijuana Businesses Act'.

What does EXPENDITURES IN CONNECTION WITH THE SALE OF MARIJUANA. of HR 1447 do?

Amends Section 280E of the Internal Revenue Code of 1986 Prohibits deductions for trades or businesses involving illegal drug trafficking Applies to marijuana and controlled substances prohibited by Federal or State law Amendment applies to amounts paid or incurred after the enactment date Applies to taxable years ending after the enactment date

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No Deductions for Marijuana Businesses Act — HR. 1447

Last updated: 2/21/2025 · Introduced: 2/21/2025

Author: Jodey Arrington (R-TX)

TL;DR (AI)

This bill amends the Internal Revenue Code to prohibit deductions for businesses involved in the sale of marijuana, regardless of state legality.
The prohibition applies to trades or businesses dealing with marijuana and other controlled substances prohibited by federal or state law.
These restrictions on deductions will take effect for taxable years ending after the bill's enactment date.

119th Congressin committeeS. 471(In Committee)Official page

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Other Sections

Includes provisions on preamble, short title., and 1 more.

3 sections

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