S.420 - Marijuana Revenue and Regulation Act116th Congress (2019-2020)
|Sponsor:||Sen. Wyden, Ron [D-OR] (Introduced 02/07/2019)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 02/07/2019 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
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Summary: S.420 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in Senate (02/07/2019)
Marijuana Revenue and Regulation Act
This bill removes marijuana from the list of controlled substances and establishes requirements for the taxation and regulation of marijuana products.
The bill imposes (1) an excise tax on marijuana products produced in or imported into the United States, and (2) an occupational tax on marijuana production facilities and export warehouses.
The term "marijuana product" does not include (1) any article containing marijuana that has been approved by the Food and Drug Administration (FDA) for sale for therapeutic purposes and is marketed and sold solely for such purpose, or (2) industrial hemp.
The excise tax includes exemptions for (1) products used for research or by government entities for nonconsumption purposes; and (2) the transfer of products between production, import, and export facilities.
The Department of Justice must remove marijuana from all schedules of controlled substances under the Controlled Substances Act. The bill prohibits marijuana from being shipped or transported into any state or jurisdiction where it is illegal.
Producers, importers, and exporters of marijuana products must (1) obtain a permit from the Department of the Treasury, and (2) comply with certain requirements regarding recordkeeping, packaging, labeling, and advertising.
The bill also
- establishes penalties for violations of marijuana laws;
- prohibits the sale of more than one ounce of marijuana in any single retail transaction; and
- provides specified authorities to the FDA and the Bureau of Alcohol, Tobacco, Firearms, and Explosives with respect to marijuana.