Federal legislation to allow marijuana banking is now sponsored by lawmakers from 41 different states, demonstrating its widespread and bipartisan support.
In the House of Representatives, the SAFE Banking Act has 118 sponsors, more than any marijuana-related bill in US congressional history. In the Senate, the similar SAFER Banking Act has 36 sponsors. Combined, these measures have sponsors from 41 states, 82% of the entire country.
Both measures would allow accredited banks and credit unions to provide a suite of banking services, including debit card processing and loans, to marijuana businesses that are following their state’s laws. Despite state licensing, these businesses are currently unable to access banking services due to federal restrictions, compelling many to operate solely with cash and heightening their risk of theft.
The legislation also proposes changes to IRS regulations, which currently prevent state-legal marijuana businesses from claiming standard business tax deductions because their product remains federally prohibited. Under the SAFE Banking Act, these businesses would be eligible for the same tax deductions as other enterprises.
The SAFER Banking Act was approved through the Senate Banking Committee in September, with Senate Majority Leader Chuck Schumer saying last month that it remains a top priority for the measure to be passed through the full Senate this year.
Below is every state with a federal lawmaker sponsoring the SAFE or SAFER Banking Act:
- Illinois
- New York
- Washington
- Pennsylvania
- Michigan
- Colorado
- Florida
- California
- Oregon
- Nevada
- Ohio
- Connecticut
- Virginia
- Wisconsin
- Alabama
- Arizona
- Hawaii
- Maine
- Maryland
- Minnesota
- Missouri
- Montana
- New Hampshire
- New Jersey
- New Mexico
- North Carolina
- Alaska
- Delaware
- Georgia
- Indiana
- Iowa
- Kentucky
- Louisiana
- Massachusetts
- Nebraska
- North Dakota
- Rhode Island
- South Carolina
- Texas
- Vermont
- Wyoming
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