Senate Finance Committee ranking member Ron Wyden introduced a comprehensive legislative package Feb. 8 that would legalize, tax, and regulate marijuana at the federal level.
The legislation (S. 420) includes provisions that would levy a federal excise tax of up to 25 percent on marijuana products and amend tax code Section 280E to allow state-legal marijuana businesses to take advantage of certain tax credits and deductions they are currently prevented from claiming.
- Companion legislation in the House (H.R. 420) has been introduced Ways and Means Committee member Rep. Earl Blumenauer (D-Ore.)
- Legislation also would allow for medical research...