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:
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.
