Legislation has been filed in the Florida Legislature that would allow licensed medical marijuana businesses to take tax deductions that they are currently prevented from taking due to federal law.
Senator Ana Maria Rodriguez (R) filed Senate Bill 974 on Friday. The measure is seen as at least a partial remedy to Internal Revenue Service (IRS) code 280E, which prevents any business that distributes a federally illegal product from taking standard tax deductions, even if the business is legal under their state’s law.
Specifically, the measure would allow medical marijuana businesses to take 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”.
Continue reading