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. Existing federal income tax laws disallow a deduction or credit for business expenses of a trade or business whose activities consist of trafficking specified controlled substances, including marijuana. The Personal Income Tax Law conforms to those federal income tax law provisions with respect to deductions. This bill, for each taxable year beginning on or after January 1, 2020, and before January 1, 2025, 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 paid or incurred during the taxable year in carrying on that commercial cannabis activity under the Personal Income Tax Law. This bill would take effect immediately as a tax levy.
Approved by the Governor.
Chaptered by Secretary of State - Chapter 792, Statutes of 2019.
Enrolled and presented to the Governor at 3:30 p.m.
Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 71. Noes 3. Page 3117.).
In Assembly. Concurrence in Senate amendments pending. May be considered on or after September 7 pursuant to Assembly Rule 77.
Read third time. Passed. Ordered to the Assembly. (Ayes 33. Noes 5. Page 2517.).
Read second time. Ordered to third reading.
From committee: Amend, and do pass as amended. (Ayes 6. Noes 1.) (August 30).
Read second time and amended. Ordered returned to second reading.
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 4. Noes 1.) (June 12).
In Senate. Read first time. To Com. on RLS. for assignment.
Read third time. Passed. Ordered to the Senate. (Ayes 69. Noes 1. Page 1854.)
Read second time. Ordered to third reading.
From committee: Do pass. (Ayes 17. Noes 1.) (May 16).
In committee: Set, first hearing. Referred to APPR. suspense file.
From committee: Do pass and re-refer to Com. on APPR. (Ayes 10. Noes 1.) (April 8). Re-referred to Com. on APPR.
From committee chair, with author's amendments: Amend, and re-refer to Com. on REV. & TAX. Read second time and amended.
In committee: Hearing for testimony only.
From printer. May be heard in committee January 3.
Read first time. To print.
| Bill Text Versions | Format |
|---|---|
| AB37 | HTML |
| 12/03/18 - Introduced | |
| 03/19/19 - Amended Assembly | |
| 06/13/19 - Amended Senate | |
| 08/30/19 - Amended Senate | |
| 09/10/19 - Enrolled | |
| 10/12/19 - Chaptered |
| Document | Format |
|---|---|
| No related documents. |
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