Florida GOP Senator Files Medical Marijuana Industry Tax Relief Bill As Federal 280E Workaround ⋆ Patriots Hemp

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Florida GOP Senator Files Medical Marijuana Industry Tax Relief Bill As Federal 280E Workaround

Florida GOP Senator Files Medical Marijuana Industry Tax Relief Bill As Federal 280E Workaround

A Florida Republican senator has introduced a bill to allow licensed medical marijuana businesses to take state tax deductions that they are barred from claiming at the federal level under an Internal Revenue Service (IRS) code known as 280E.

The legislation, filed by Sen. Ana Maria Rodriguez (R) last week, would make Florida the latest in a growing number of states that have worked to establish tax parity for the cannabis industry that continues to face steep financial barriers under federal prohibition.

Rodriguez’s proposal would amend Florida’s tax code by allowing medical cannabis operators to claim state-level tax deductions in “an amount equal to an expenditure that is eligible to be claimed as a federal income tax deduction but is disallowed because marijuana is a controlled substance under federal law,” the bill text says.

The measure is being filed as the state Supreme Court considers a case that will decide whether voters will see an adult-use marijuana legalization initiative on next year’s ballot. The case was brought before the court following a challenge from Florida Attorney General Ashley Moody (R).

As the senator’s new tax bill is currently drafted, however, it would only extend the state-level relief to medical cannabis

Read full article on Marijuana Moment



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