FL S1244

Medical marijuana treatment centers licensed under Florida law would be allowed to subtract from their adjusted federal income any business expenditures that are disallowed as federal tax deductions due to marijuana's status as a controlled substance under federal law

The bill amends Section 220.13, Florida Statutes, which defines "adjusted federal income" for corporate income tax purposes

This change would reduce the state corporate income tax burden for licensed medical marijuana businesses by allowing deductions that federal law (specifically Internal Revenue Code Section 280E) prohibits

Effective date: July 1, 2023