Legislation was filed yesterday in Florida to allow medical marijuana dispensaries to take tax deductions equal to what they’d be allowed to take federally if medical marijuana wasn’t a schedule 1 controlled substance.

(Photo credit: AP Photo/Gosia Wozniacka).
House Bill 1427 would amend the state’s tax code to allow licensed medical marijuana treatment center to take “deductions and credits that would have been allowable for federal income tax purposes if not for section 280E of the Internal Revenue Code [IRS].”
Section 280E of the IRS code states that a business can not take federal take deductions if they distribute a substance that’s federally illegal, even if that substance is legal under state law.
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