H.R. 501: Marijuana Tax Equity Act of 2013 - Cannabis Business News - International Cannagraphic Magazine Forums

Chunkypigs · 06-04-2013, 03:56 AM

H.R. 501: Marijuana Tax Equity Act of 2013

https://www.popvox.com/bills/us/113/hr501

The Marijuana Tax Equity Act would create the following framework:

This bill imposes a 50 percent excise tax on the first sale of marijuana, from the producer to the next stage of production, usually the processor;
Similar to the rules within the alcohol and tobacco tax provisions, an occupational tax will be imposed on those operating in marijuana, with producers, importers and manufacturers facing an occupation tax of $1,000/a year and any other person engaged in the business facing an annual tax of $500/a year;
Civil penalties will be imposed for failure to comply with taxing duties. Criminal penalties will be assessed for intentional efforts to defraud the taxing authorities; and,
The bill also requires the IRS to produce a study of the industry after two years, and every five years after that, and to issue recommendations to Congress to continue improving the administration of the tax.

The same congressmen who wrote this presented a separate bill to end federal prohibition.

06-04-2013, 03:56 AM	#1
Chunkypigs Hard Mode Join Date: Dec 2010 Location: the ugly part of town where they keep the Government Buildings. Posts: 3,246	H.R. 501: Marijuana Tax Equity Act of 2013 H.R. 501: Marijuana Tax Equity Act of 2013 https://www.popvox.com/bills/us/113/hr501 The Marijuana Tax Equity Act would create the following framework: This bill imposes a 50 percent excise tax on the first sale of marijuana, from the producer to the next stage of production, usually the processor; Similar to the rules within the alcohol and tobacco tax provisions, an occupational tax will be imposed on those operating in marijuana, with producers, importers and manufacturers facing an occupation tax of $1,000/a year and any other person engaged in the business facing an annual tax of $500/a year; Civil penalties will be imposed for failure to comply with taxing duties. Criminal penalties will be assessed for intentional efforts to defraud the taxing authorities; and, The bill also requires the IRS to produce a study of the industry after two years, and every five years after that, and to issue recommendations to Congress to continue improving the administration of the tax. The same congressmen who wrote this presented a separate bill to end federal prohibition.
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