Sec. 503. Reports and conforming amendments
410 words·~2 min read·
/bill/118/hr/6028/ih/section-503A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Not later than 2 years after the date of the enactment of this Act, and every 5 years thereafter, the Secretary of the Treasury, or the Secretary’s delegate, shall— conduct a study concerning the characteristics of the cannabis industry, including the number of persons operating cannabis businesses at each level of such industry, the volume of sales, the amount of tax collected each year, and the areas of evasion; and submit to Congress recommendations to improve the regulation of the industry and the administration of the related tax.
Not later than 1 year after the date of the enactment of this Act, the United States Department of Agriculture shall conduct a study on the risk and actual frequency of cross-pollination between hemp (as defined in section 297(A) of the Agricultural Marketing Act of 1946 ( 7 U.S.C. 1639o )) and raw cannabis (as defined in section 202(c) of this Act), and shall publish its findings in a Report to the House Agricultural Committee and the Senate Committee on Agriculture, Nutrition, and Forestry.
Not later than 6 months before the beginning of each calendar year to which section 5901(a)(2) of the Internal Revenue Code of 1986 (as added by this section) applies, the Secretary of the Treasury, or the Secretary’s delegate, shall make publicly available a detailed description of the methodology that the Secretary anticipates using to determine the applicable excise tax rates that will apply for such calendar year under section 5901(c)(2) of such Code. Section 6103(o)(1)(A) of the Internal Revenue Code of 1986 is amended by striking and firearms and inserting firearms, and cannabis products .
The table of chapters for subtitle E of the Internal Revenue Code of 1986 is amended by adding at the end the following new chapter: Chapter 56. Cannabis products . The amendments made by this section shall apply to sales, and applications for permits under section 5912 of the Internal Revenue Code of 1986 (as added by subsection (a)), after 180 days after the date of the enactment of this Act. In the case of any producer operating under a permit issued on or before the date of the enactment of this Act under State law, the requirements under section 5912 of such Code (as so added) shall apply beginning on the date that is 6 months after the date of the enactment of this Act.
The amendments made by subsection
(a)shall take effect on the date of enactment of this Act.
Connectionstraces to 1
Traces to 1 document
U.S. Code
Citation graph
cites case law
Sec. 503
Reports and conforming amendments
Cites 1Cited by 0 across 0 sources