In the United States House of Representatives, the SAFE Banking Act to allow marijuana banking has just gained its 117th sponsor.
Representative Gabe Vasquez (D-NM) has signed on as a cosponsor to the SAFE Banking Act, giving it is 107th sponsors since the measure was filed in September by a group of 10. A Senate version of the bill, the SAFER Banking Act, is sponsored by 36% of the entire Senate, with it passing the Senate Banking Committee in September.
The SAFE Banking Act would explicitly permit accredited banks and credit unions to offer a wide range of banking services—including debit card processing and bank loans—to marijuana businesses compliant with state laws. Currently, banks are prohibited from servicing these businesses, even those licensed by the state. This restriction forces many to operate on a cash-only basis, increasing their vulnerability to robbery.
The measure would also amend IRS regulations that currently prohibit state-legal marijuana businesses from taking standard business tax deductions because they are selling a federally illegal drug. The SAFE Banking Act would allow these businesses to claim standard IRS tax deductions.”
According to polling released earlier this week, “by a greater than a 3-to-1 margin (63% support vs. 17% oppose) U.S. adults support Congress passing legislation that allows cannabis businesses to access banking services and financial products like checking accounts and business loans in states where cannabis is now legal”.
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