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2023 SESSION

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SB 1095 Cannabis; deconforms from federal law, medical licensees.

Introduced by: Adam P. Ebbin | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED SENATE:

Conformity with the Internal Revenue Code; cannabis licensees. Deconforms from federal law, as it applies to Virginia medical cannabis licensees, the prohibition on a deduction for any amount paid or incurred during the taxable year in carrying on any trade or business if such trade or business consists of trafficking in a controlled substance prohibited by federal law.

SUMMARY AS INTRODUCED:

Conformity with the Internal Revenue Code; cannabis licensees. Deconforms from federal law, as it applies to Virginia medical and recreational cannabis licensees, for the prohibition on a deduction for any amount paid or incurred during the taxable year in carrying on any trade or business if such trade or business consists of trafficking in a controlled substance prohibited by federal law.