FL H1269

Medical marijuana treatment centers licensed under s. 381.986 may subtract from their Florida taxable income the deductions and credits that would have been allowable for federal income tax purposes if not for Internal Revenue Code Section 280E

Section 280E of the Internal Revenue Code currently prohibits businesses trafficking in controlled substances (including marijuana) from claiming standard business deductions and credits on federal taxes

Amends Florida Statutes s. 220.13 governing the definition of "adjusted federal income" for state corporate income tax purposes

Effective date: July 1, 2023