Reggie Jones-Sawyer
- Democratic
Author
Existing law, the Medicinal and Adult-Use Cannabis Regulation and Safety Act (MAUCRSA) , among other things, consolidates the licensure and regulation of commercial medicinal and adult-use cannabis activities and authorizes persons to conduct specified commercial cannabis activities, as defined, in the state. The Personal Income Tax Law and the Corporation Tax Law allow various deductions in computing the income that is subject to the taxes imposed by those laws. The Personal Income Tax Law conforms as of a specified date to federal income tax laws with respect to itemized deductions, including business deductions and items not deductible, except as specifically provided. The Corporation Tax Law does not conform to those federal income tax provisions, but specifically provides for deductions for purposes of that law. The Personal Income Tax Law, by conformity to federal income tax laws, disallows a deduction or credit for business expenses of a trade or business whose activities consist of trafficking specified controlled substances, including marijuana. This bill, for each taxable year beginning on and after January 1, 2018, would specifically provide in the Personal Income Tax Law for nonconformity to that federal law disallowing a deduction or credit for business expenses of a trade or business whose activities consist of trafficking specified controlled substances, only for commercial cannabis activity, as defined under MAUCRSA, by a licensee under MAUCRSA, thus allowing deduction of business expenses for a cannabis trade or business under the Personal Income Tax Law, as provided. This bill would take effect immediately as a tax levy.
Vetoed by Governor.
Enrolled and presented to the Governor at 3 p.m.
In Assembly. Ordered to Engrossing and Enrolling.
Read third time. Passed. Ordered to the Assembly. (Ayes 29. Noes 6. Page 5549.).
From committee: Do pass. (Ayes 5. Noes 2.) (August 16).
Read second time. Ordered to third reading.
From committee: Do pass and re-refer to Com. on APPR. (Ayes 6. Noes 0.) (August 8). Re-referred to Com. on APPR.
In Senate. Read first time. To Com. on RLS. for assignment.
Read third time. Passed. Ordered to the Senate. (Ayes 64. Noes 11. Page 5390.)
From committee: Do pass. (Ayes 15. Noes 1.) (May 25).
Read second time. Ordered to third reading.
In committee: Set, first hearing. Referred to APPR. suspense file.
Read second time and amended.
From committee: Amend, and do pass as amended and re-refer to Com. on APPR. (Ayes 9. Noes 1.) (April 30).
From committee chair, with author's amendments: Amend, and re-refer to Com. on REV. & TAX. Read second time and amended.
From printer. May be heard in committee February 11.
Read first time. To print.
| Bill Text Versions | Format |
|---|---|
| AB1863 | HTML |
| 01/11/18 - Introduced | |
| 04/17/18 - Amended Assembly | |
| 05/08/18 - Amended Assembly | |
| 08/23/18 - Enrolled |
| Document | Format |
|---|---|
| No related documents. |
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