House passes bill with cannabis tax provisions

House passes bill with cannabis tax provisions

The U.S. House of Representatives on December 4, 2020, passed H.R. 3884, the “Marijuana Opportunity Reinvestment and Expungement Act” (MORE Act), by a vote of 228 to 164.

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Section 5 of the bill would amend the Internal Revenue Code to establish a new “Opportunity Trust Fund” and to add a new chapter to Subtitle E (“Alcohol, Tobacco, and Certain Other Excise Taxes”) relating to cannabis products. This chapter would include a new excise tax on some cannabis products. 

The Senate has not scheduled action on the bill.

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