Pennsylvania House Lawmakers File Marijuana Banking And Tax Reform Bill After Senate Passes Its Version
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Pennsylvania House lawmakers filed a companion bill to a Senate-passed measure this week that would provide banking protections and tax relief for marijuana businesses as congressional reform continues to stall. The Senate version already cleared that chamber earlier this month, sending it to the House. But Rep. Christopher Rabb (D) and colleagues formally filed the companion bill on Wednesday after circulating a memo to build support for the policy change on the unofficial marijuana holiday 4/20 last week. The Senate version was amended as it moved through the body before final passage. Both bills would provide state-level protections to banks and insurers that work with medical cannabis businesses in the state, but the newer House bill also contains a provision concerning tax credit eligibility for the market that was removed from the Senate measure in committee. The language is meant to address a key challenge that cannabis companies face under federal prohibition. Currently, despite being required to pay federal taxes, businesses that work with controlled substances like marijuana are prohibited from making tax deductions that are available in other traditional industries. The restriction is due to an Internal Revenue Service code known as 280E. A source familiar with the legislative strategy in Pennsylvania said the plan is to tackle that issue in separate, wide-ranging tax legislation, rather than through the standalone cannabis banking bill. In any case, both the Senate-passed bill and House companion are awaiting action in the House Commerce Committee, which has not yet scheduled a hearing on either measure. In New York, where adult-use marijuana sales are expected to launch later this year, lawmakers sent a budget proposal to the governor this month that includes provisions to let marijuana businesses take state tax deductions that are available to other industries despite an ongoing federal ban on cannabis.…

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Source : Pennsylvania House Lawmakers File Marijuana Banking And Tax Reform Bill After Senate Passes Its Version

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