Jim Wood
- 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, authorized under MAUCRSA, thus allowing deduction of business expenses for a cannabis or marijuana trade or business under the Personal Income Tax Law, as provided. This bill would take effect immediately as a tax levy.
No votes to display
In committee: Held under submission.
Read second time and amended. Re-referred to Com. on APPR.
From committee: Amend, and do pass as amended and re-refer to Com. on APPR. (Ayes 6. Noes 1.) (July 12).
Withdrawn from committee.
From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on B., P. & E.D.
In Senate. Read first time. To Com. on RLS. for assignment.
Read third time. Passed. Ordered to the Senate. (Ayes 77. Noes 0. Page 1487.)
Read second time. Ordered to Consent Calendar.
From committee: Do pass. To Consent Calendar. (Ayes 16. Noes 0.) (May 3).
From committee: Do pass and re-refer to Com. on APPR. (Ayes 15. Noes 0.) (April 18). Re-referred to Com. on APPR.
From printer. May be heard in committee March 12.
Read first time. To print.
| Bill Text Versions | Format |
|---|---|
| AB420 | HTML |
| 02/09/17 - Introduced | |
| 06/13/17 - Amended Senate | |
| 07/19/17 - Amended Senate |
| Document | Format |
|---|---|
| No related documents. |
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