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FL S0974
Bill
AI Summary
- Amends Florida's corporate income tax code (s. 220.13, F.S.) to allow medical marijuana treatment centers to subtract certain disallowed federal deductions when calculating adjusted federal income for state tax purposes
- Targets expenditures that would normally qualify as federal income tax deductions but are disallowed solely because marijuana remains a controlled substance under federal law (pursuant to IRC Section 280E)
- Applies specifically to taxpayers operating as medical marijuana treatment centers licensed under Florida law (s. 381.986(8))
- Adds this subtraction as a new item (subparagraph e) to the existing list of allowable subtractions from taxable income, alongside net operating losses, capital losses, excess charitable contributions, and excess contribution deductions
- Effective date of July 1, 2024
Legislative Description
Corporate Income Tax
Last Action
Died in Health Policy
3/8/2024
Full Bill Text
No bill text available