The bill CS/CS/HB 7029 seeks to establish a comprehensive regulatory framework for the taxation and sale of hemp consumable THC products in Florida. It amends existing statutes to redefine "sales price" by excluding the newly imposed 15% excise tax on these products, which is established under section 581.223. The legislation introduces a registration requirement for dealers, who must file a certificate with the Department of Agriculture and Consumer Services, and outlines the payment and collection processes for the excise tax, including penalties for non-compliance. Additionally, it mandates that the first $6 million collected from these taxes be allocated to the department's General Inspection Trust Fund, with any excess directed to the General Revenue Fund.

The bill further details the responsibilities of dealers, including maintaining sales records for a minimum of ten years and separately stating taxes on invoices. It introduces penalties for failing to comply with these requirements, including misdemeanors for inadequate record-keeping and felonies for intentional destruction of records. The Department of Agriculture is granted enhanced enforcement powers, including the ability to issue subpoenas, conduct audits, and collect delinquent taxes through distress warrants. The legislation is set to take effect on January 1, 2026, contingent upon the passage of related legislation, and aims to ensure accountability and proper tax collection within the hemp industry.

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