Two bills introduced in Congress that together would legalize, regulate and tax marijuana at the federal level
The first bill, introduced by Rep. Jared Polis (D-Colo.) is the Regulate Marijuana Like Alcohol Act, which does exactly what it says. This bill would remove marijuana from its current status as a Schedule 1 Drug (see our explanation here), and transfer the oversight out of the jurisdiction of the Drug Enforcement Administration (DEA), and into that of the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF).
The second bill is the Marijuana Tax Revenue Act, introduced by Rep. Earl Blumenauer (D-Ore.). This bill would setup an excise tax on the newly regulated marijuana.
The combined bills will allow for individual states to decide whether or not to legalize marijuana on their own. This will only provide a federal framework for the states that have already chosen to legalize marijuana, or for those that will do so in the future.