The bill CS/CS/HB 7029 amends Florida law to establish a comprehensive framework for the taxation and regulation of hemp consumable THC products. It introduces a 15% excise tax on retail sales of these products, while revising the definition of "sales price" to exclude this excise tax. The bill creates new sections that outline the registration process for dealers, who must register with the Department of Agriculture and Consumer Services, collect the excise tax, and maintain detailed sales records for a minimum of ten years. It also mandates electronic filing for tax payments and returns, and specifies that the first $6 million collected from these taxes will be allocated to the department's General Inspection Trust Fund for enforcement and testing.

Additionally, the bill establishes strict penalties for non-compliance, including misdemeanors for failing to register or maintain records, and outlines procedures for audits and tax collection. It grants the Department of Revenue the authority to enforce compliance, issue distress warrants for unpaid taxes, and adopt emergency rules for implementation. The legislation aims to enhance accountability and ensure proper revenue collection from the hemp consumable THC market, with an effective date set for January 1, 2026, contingent upon the passage of related legislation.

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