House Bill 7029, introduced in the Florida State Legislature on April 25, 2025, aims to enhance the regulation and taxation of hemp consumable THC products within the state. The bill seeks to address compliance issues related to the sale and taxation of these products, which have gained popularity in recent years.

One of the key provisions of House Bill 7029 is the requirement for businesses involved in the sale of hemp consumable THC products to maintain accurate records and provide them to the Florida Department of Revenue upon request. The department is mandated to give a ten-day notice before requiring the production of these records. Additionally, the bill allows the department to compel testimony from business owners and employees regarding their sales and tax obligations.

The bill also introduces penalties for non-compliance. If a business fails to produce the required documentation or does not cooperate with the department's inquiries, the department can estimate unpaid taxes and issue a distress warrant for collection. This means that the state could seize property to satisfy any estimated tax deficiencies, which could have significant implications for businesses in the hemp industry.

Debate surrounding House Bill 7029 has focused on its potential impact on small businesses and the hemp market. Proponents argue that the bill is necessary to ensure fair taxation and compliance within a rapidly growing industry, while opponents express concerns that the stringent requirements could burden small operators and stifle growth.

Economically, the bill could lead to increased revenue for the state through better enforcement of tax laws, but it may also create challenges for businesses that struggle to meet the new compliance standards. Socially, the legislation reflects ongoing efforts to regulate the hemp industry more effectively, balancing the need for oversight with the desire to foster economic growth.

As House Bill 7029 moves through the legislative process, its implications for the hemp market and the broader regulatory landscape in Florida will be closely monitored by stakeholders across the industry. The outcome of this bill could set a precedent for how hemp products are managed and taxed in the state moving forward.