Marijuana Revenue and Regulation Act

Marijuana Revenue and Regulation Act

This bill amends the Internal Revenue Code to impose: (1) an excise tax on any marijuana product 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 which has been approved by the Food and Drug Administration 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) marijuana products that are used for research or by government entities for nonconsumption purposes; and (2) the transfer of products between production, import, and export facilities. A credit or refund of the tax must be issued for products that are withdrawn from the market, lost, or destroyed.

The bill requires producers, importers, and exporters of marijuana products to:

• obtain a permit and a bond covering tax liability from the Department of the Treasury prior to beginning operations,
• meet recordkeeping requirements, and
• comply with certain policies and restrictions regarding packaging and labeling.

The bill also: (1) establishes penalties for violations of marijuana laws, and (2) prohibits the sale of more than one ounce of marijuana in any single retail transaction.