The bill CS/CS/HB 7029 amends Florida Statutes to establish a comprehensive regulatory framework for the taxation and sale of hemp consumable THC products. It introduces a 15% excise tax on retail sales, revises the definition of "sales price" to exclude this tax, and outlines the registration process for dealers with the Department of Agriculture and Consumer Services. Dealers are required to collect the excise tax from purchasers, clearly stating it on invoices, and must maintain detailed records of sales for a minimum of ten years. The bill also mandates electronic payment and filing of tax returns, with penalties for non-compliance, including misdemeanors for failing to register and potential felony charges for intentional record destruction.

Additionally, the legislation specifies that the first $6 million collected from these taxes will be allocated to the General Inspection Trust Fund for enforcement and testing, while remaining funds will go to the General Revenue Fund. It establishes procedures for audits, empowers the department to enforce tax collection, and allows for the issuance of subpoenas related to tax compliance. The bill also requires that all legal actions against dealers for tax violations be filed in the appropriate circuit court and allows the Department to adopt emergency rules for implementation. The act is set to take effect on January 1, 2026, contingent upon the passage of related legislation.

Statutes affected:
H 7029 c1: 212.02
H 7029 c2: 212.02