S0347B0350A04380 AJB:MAC 06/02/22 #90 A04380
AMENDMENTS TO SENATE BILL NO. 347
Sponsor: REPRESENTATIVE KAUFER
Printer's No. 350
Amend Bill, page 1, line 11, by inserting after "income"
; and, in corporate net income tax, further providing for
definitions
Amend Bill, page 1, by inserting between lines 21 and 22
Section 2. Section 401(3)1 of the act is amended by adding a
paragraph to read:
Section 401. Definitions.--The following words, terms, and
phrases, when used in this article, shall have the meaning
ascribed to them in this section, except where the context
clearly indicates a different meaning:
* * *
(3) "Taxable income." 1. * * *
(b.2) An additional deduction shall be allowed from taxable
income of a medical marijuana organization for the amount of
ordinary and necessary expenses that were paid or incurred by
the medical marijuana organization during the taxable year which
are ordinarily deductible for Federal income tax purposes under
section 162 of the Internal Revenue Code of 1986 (Public Law 99-
514, 26 U.S.C. ยง 162) if the additional deduction for ordinary
and necessary expenses paid or incurred by the medical marijuana
organization was not taken for Federal income tax purposes for
the taxable year. As used in this paragraph, the term "medical
marijuana organization" shall be as defined in section 103 of
the act of April 17, 2016 (P.L.84, No.16), known as the "Medical
Marijuana Act."
* * *
Amend Bill, page 1, line 22; page 2, line 1; by striking out
all of line 22 on page 1 and "Section 2. The amendment" in line
1 on page 2 and inserting
Section 3. This act shall apply as follows:
(1) The amendment
Amend Bill, page 2, by inserting between lines 1 and 2
(2) The addition of section 401(3)(1)(b.2) of the act
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shall apply to taxable years beginning after December 31,
2022.
Amend Bill, page 2, line 2, by striking out "3" and inserting
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