Florida 2024 Regular Session

Florida House Bill H1427 Compare Versions

Only one version of the bill is available at this time.

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3	3	HB 1427 2024
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10	10	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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14	14	A bill to be entitled 1
15	15	An act relating to taxable income of licensed medical 2
16	16	marijuana treatment centers; amending s. 220.13, F.S.; 3
17	17	authorizing certain businesses to subtract specified 4
18	18	deductions and credits from their taxable income; 5
19	19	providing an effective date. 6
20	20	7
21	21	Be It Enacted by the Legislature of the State of Florida: 8
22	22	9
23	23	Section 1. Paragraph (b) of subsection (1) of section 10
24	24	220.13, Florida Statutes, is amended to read: 11
25	25	220.13 "Adjusted federal income" defined. — 12
26	26	(1) The term "adjusted federal income" means an amount 13
27	27	equal to the taxpayer's taxable income as defined in subsection 14
28	28	(2), or such taxable income of more than one taxpayer as 15
29	29	provided in s. 220.131, for the taxable y ear, adjusted as 16
30	30	follows: 17
31	31	(b) Subtractions.— 18
32	32	1. There shall be subtracted from such taxable income: 19
33	33	a. The net operating loss deduction allowable for federal 20
34	34	income tax purposes under s. 172 of the Internal Revenue Code 21
35	35	for the taxable year ;, 22
36	36	b. The net capital loss allowable for federal income tax 23
37	37	purposes under s. 1212 of the Internal Revenue Code for the 24
38	38	taxable year;, 25
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47	47	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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51	51	c. The excess charitable contribution deduction allowable 26
52	52	for federal income tax purposes under s. 170(d)(2) of the 27
53	53	Internal Revenue Code for the taxable year ;, and 28
54	54	d. The excess contributions deductions allowable for 29
55	55	federal income tax purposes under s. 404 of the Internal Revenue 30
56	56	Code for the taxable year ; and 31
57	57	e. In the case of a medical marijuana treatment center 32
58	58	licensed pursuant to s. 381.986, the deductions and credits that 33
59	59	would have been allowable for federal income tax purposes if not 34
60	60	for s. 280E of the Internal Revenue Code . 35
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62	62	However, a net operating loss and a capital loss shall never be 37
63	63	carried back as a deduction t o a prior taxable year, but all 38
64	64	deductions attributable to such losses shall be deemed net 39
65	65	operating loss carryovers and capital loss carryovers, 40
66	66	respectively, and treated in the same manner, to the same 41
67	67	extent, and for the same time periods as are prescri bed for such 42
68	68	carryovers in ss. 172 and 1212, respectively, of the Internal 43
69	69	Revenue Code. 44
70	70	2. There shall be subtracted from such taxable income any 45
71	71	amount to the extent included therein the following: 46
72	72	a. Dividends treated as received from sources without the 47
73	73	United States, as determined under s. 862 of the Internal 48
74	74	Revenue Code. 49
75	75	b. All amounts included in taxable income under s. 78, s. 50
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84	84	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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88	88	951, or s. 951A of the Internal Revenue Code. 51
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90	90	However, any amount subtracted under this subparagraph is 53
91	91	allowed only to the extent such amount is not deductible in 54
92	92	determining federal taxable income. As to any amount subtracted 55
93	93	under this subparagraph, there shall be added to such taxable 56
94	94	income all expenses deducted on the taxpayer's return for the 57
95	95	taxable year which are attributable, directly or indirectly, to 58
96	96	such subtracted amount. Further, no amount shall be subtracted 59
97	97	with respect to dividends paid or deemed paid by a Domestic 60
98	98	International Sales Corporation. 61
99	99	3. In computing "adjusted federal income" for tax able 62
100	100	years beginning after December 31, 1976, there shall be allowed 63
101	101	as a deduction the amount of wages and salaries paid or incurred 64
102	102	within this state for the taxable year for which no deduction is 65
103	103	allowed pursuant to s. 280C(a) of the Internal Revenue Co de 66
104	104	(relating to credit for employment of certain new employees). 67
105	105	4. There shall be subtracted from such taxable income any 68
106	106	amount of nonbusiness income included therein. 69
107	107	5. There shall be subtracted any amount of taxes of 70
108	108	foreign countries allowable as credits for taxable years 71
109	109	beginning on or after September 1, 1985, under s. 901 of the 72
110	110	Internal Revenue Code to any corporation which derived less than 73
111	111	20 percent of its gross income or loss for its taxable year 74
112	112	ended in 1984 from sources within the Unite d States, as 75
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121	121	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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125	125	described in s. 861(a)(2)(A) of the Internal Revenue Code, not 76
126	126	including credits allowed under ss. 902 and 960 of the Internal 77
127	127	Revenue Code, withholding taxes on dividends within the meaning 78
128	128	of sub-subparagraph 2.a., and withholding taxes on r oyalties, 79
129	129	interest, technical service fees, and capital gains. 80
130	130	6. Notwithstanding any other provision of this code, 81
131	131	except with respect to amounts subtracted pursuant to 82
132	132	subparagraphs 1. and 3., any increment of any apportionment 83
133	133	factor which is directly related to an increment of gross 84
134	134	receipts or income which is deducted, subtracted, or otherwise 85
135	135	excluded in determining adjusted federal income shall be 86
136	136	excluded from both the numerator and denominator of such 87
137	137	apportionment factor. Further, all valuations made for 88
138	138	apportionment factor purposes shall be made on a basis 89
139	139	consistent with the taxpayer's method of accounting for federal 90
140	140	income tax purposes. 91
141	141	Section 2. This act shall take effect July 1, 2024. 92