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FL H1427

Bill

Official Source

Status

Failed

3/8/2024

Primary Sponsor

Melony Bell

Click for details

Origin

House of Representatives

2024 Regular Session

AI Summary

  • Amends s. 220.13, F.S., to allow medical marijuana treatment centers licensed under s. 381.986 to subtract from their Florida state taxable income the deductions and credits that are disallowed at the federal level due to Internal Revenue Code s. 280E
  • Addresses the federal prohibition under IRC s. 280E, which denies standard business deductions and credits to businesses trafficking in controlled substances, including state-legal marijuana operations
  • Applies specifically to the calculation of "adjusted federal income" for Florida corporate income tax purposes by adding a new subtraction category
  • Effective date of July 1, 2024

Legislative Description

Taxable Income of Licensed Medical Marijuana Treatment Centers

Last Action

Died in Ways & Means Committee

3/8/2024

Committee Referrals

Ways and Means Committee1/13/2024

Full Bill Text

No bill text available