Texas Bans State Enforcement of Some Federal Regulations on Oil and Gas; But Law Has Big Loophole

Yesterday, Texas Gov. Greg Abbott signed a bill that could ban state cooperation with the enforcement of some federal regulations on oil and gas production in the state. But the new law has a big loophole that will likely allow state and local agencies to continue enforcing many if not all federal regulations.

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A Massive National Debt Steals Our Independence

Thomas Jefferson called the public debt, “the greatest of the dangers to be feared.” As he put it, we have a choice “between economy and liberty, or profusion and servitude.”

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Signed as Law: Connecticut Eliminates State Conformity with IRS Section 280E for Marijuana Businesses

Provisions in the bill also decouple the state tax code from federal law as it applies to deductions for marijuana businesses. In effect, the new law allows marijuana businesses in Connecticut to take tax deductions on their state returns that they’re currently prohibited from utilizing.

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Signed as Law: Illinois Eliminates State Conformity with IRS Section 280E for Marijuana Businesses

Provisions in the budget bill decouple the state tax code from federal tax code as it applies to deductions for marijuana businesses. In effect, the changes will allow marijuana businesses in Illinois to take tax deductions on their state returns that they’re currently prohibited from utilizing.

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Today in History: Rhode Island Becomes First Colony to Ban Importation of Slaves

Despite the large slave population, and the colony serving as a key player in the slave trade, abolitionist sentiment grew, and on June 13, 1774, the colony enacted "An Act for Prohibiting the Importation of Negros."

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Signed as Law: Colorado Allows Online Payments for Marijuana Despite Federal Prohibition

DENVER, Colo. June 12, 2023 – Earlier this month, Colorado Gov. Jared Polis signed a bill legalizing online payments for marijuana in the state despite ongoing federal cannabis prohibition. Rep. William Lindstedt, Rep. Said Sharbini and Rep. Robert Rodriguez introduced House Bill 1279 (HB1279) on March 30. The new law repeals language in state law […]

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Texas Governor Signs Second Amendment Financial Privacy Act

Titled the Second Amendment Financial Privacy Act, the new law prohibits a financial institution operating in Texas from requiring or assigning a firearms code, which is defined as “any merchant category code approved by the International Organization for Standardization for a firearms retailer, including Merchant Category Code 5723.”

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