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The Cannabis Regulation and Tax Act (Illinois House Bill 1438) is an act legalizing and regulating the production, consumption, and sale of cannabis in Illinois.It was approved by both houses by May 31, 2019 and came into effect January 1, 2020.
Round-tripping, a type of accounting fraud practiced through asset swapping, resembling wash sales within a group of participants. Tax avoidance, reduce the amount of tax that is payable by means that are within the law. Tax loss harvesting, an tax investment strategy that attempts to avoid the wash sale rules.
[24] [25] [26] Recreational-use revenue in Illinois is expected to reach an estimated $1.6 billion a year. [27] Illinois became the first state in the nation to legalize cannabis for recreational sale through a state legislature rather than ballot initiative. [28] Overall, Illinois is the 11th state in the US to allow recreational marijuana. [29]
A wash sale is when you sell an asset, such as a stock or bond, for a loss but have purchased the same asset or a very similar one within 30 days before or after the sale.
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Notes: · Reflects laws of states and territories, including laws which have not yet gone into effect. Does not reflect federal, tribal, or local laws. · Map does not show state legality of hemp-derived cannabinoids such as CBD or delta-8-THC, which have been legal at federal level since enactment of the 2018 Farm Bill
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