H.R. 1855 and S. 987 – The “Small Business Tax Equity Act”

- Amends the IRS code to exempt a trade or business that conducts marijuana sales in compliance with state law from the prohibition against deductions for expenditures in connection with trafficking in controlled substances.

- Sponsored by Rep. Earl Blumenauer (D-OR) in the House and Sen. Ron Wyden (D-OR) in the Senate; 10 House co-sponsors (five Republicans) and three Senate co-sponsors (one Republican)

- Assigned to House Ways and Means and Senate Finance Committees