Posts Tagged ‘federal bills’
On March 26th three medical marijuana bills were introduced in Congress with support from patient advocates. The most significant of the three bills is one introduced by Congressman Frank (D-MA), which reclassifies marijuana from its current status as a dangerous drug with no medical value. Another bill, introduced by Congressman Polis (D-CO), will allow banks and other financial institutions to provide services to medical marijuana businesses without being subject to “suspicious activity” reporting requirements. The third bill, introduced by Congressman Stark (D-CA), changes the federal tax code “to allow a deduction for expenses in connection with the trade or business of selling marijuana intended for patients for medical purposes pursuant to State law.
If passed, the Frank bill would not only recognize marijuana’s medical value, but also provide a medical necessity defense in federal court, a right not currently afforded to patients and caregivers who are in compliance with their local and state laws. The Frank bill would also usher forth greater research into the therapeutic properties of cannabis and create incentives for the development of new cannabis-based medication. Advocates hope the Polis bill, if passed, will end the current ban on services for medical marijuana businesses by institutions like Wells Fargo, CitiCorp and Bank of America. The Stark bill has the potential to end dozens of audits by the Internal Revenue Service (IRS) currently taking place, and settle once and for all whether the IRS can demand tax on gross or just net proceeds.
I feel pleased that we have some people fighting for us at the federal level and that this bickering between the states and the feds might finally find some common ground. For real change to occur it’s absolutely paramount that it happens at the federal level.
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