Washington (CNN) Sen. Chuck Schumer has introduced a new bill to decriminalize and regulate marijuana at the federal level.

The legislation, which the New York Democrat announced back in April , would remove marijuana from the Controlled Substances Act, where it is classified among drugs such as heroin and LSD.

By striking marijuana from the act, Schumer's office said in a news release Wednesday, the bill would effectively decriminalize the drug at the federal level. The measure would still allow states to determine their own marijuana laws while maintaining federal law enforcement against trafficking to states where it is illegal.

Several states allow recreational sales of marijuana, including California, Oregon and Massachusetts.

Schumer's bill would direct a specific amount of tax revenue to a Treasury trust fund for the "small business concerns" of women and "socially and economically disadvantaged" individuals working in the marijuana industry.

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