Assembly Actions -
Senate Actions - UPPERCASE
|Jan 07, 2022||
reference changed to budget and revenue
|Jan 05, 2022||
referred to rules
|Nov 12, 2021||
referred to rules
Senate Bill S7518
2021-2022 Legislative Session
Archive: Last Bill Status - In Senate Committee Rules Committee
- In Committee Assembly
- On Floor Calendar Assembly
- Passed Assembly
- Delivered to Governor
- Signed By Governor
2021-S7518 (ACTIVE) - Details
2021-S7518 (ACTIVE) - Summary
Permits deductions for commercial cannabis activity including the cultivation, possession, manufacture, distribution, processing, storing, laboratory testing, packaging, labeling, transportation, delivery, or sale of cannabis and cannabis products, or acting as the holder of an adult-use on-site consumption license.
2021-S7518 (ACTIVE) - Sponsor Memo
BILL NUMBER: S7518 SPONSOR: COONEY TITLE OF BILL: An act to amend the tax law, in relation to permitting deductions for commercial cannabis activity; and providing for the repeal of such provisions upon expiration thereof SUMMARY OF SPECIFIC PROVISIONS: Section one allows licensed cannabis businesses to deduct ordinary and necessary business expenses. Section two provides the effective date. JUSTIFICATION: Due to section 280E of the Internal Revenue Code, legal cannabis busi- nesses in New York will not be allowed to make any deductions when paying state taxes. This means they have to pay more taxes than other legal businesses in the state. Not being able to make ordinary and
2021-S7518 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7518 2021-2022 Regular Sessions I N S E N A T E November 12, 2021 ___________ Introduced by Sen. COONEY -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to amend the tax law, in relation to permitting deductions for commercial cannabis activity; and providing for the repeal of such provisions upon expiration thereof THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The tax law is amended by adding a new section 493-a to read as follows: § 493-A. DEDUCTIONS. (A) FOR EACH TAXABLE YEAR BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND TWENTY-TWO, AND BEFORE JANUARY FIRST, TWO THOUSAND TWENTY-FIVE, THE PROVISIONS OF SECTION 280E OF THE INTERNAL REVENUE CODE, RELATING TO EXPENDITURES IN CONNECTION WITH THE ILLEGAL SALE OF DRUGS, SHALL NOT APPLY FOR THE PURPOSES OF THIS CHAPTER TO THE CARRYING ON OF ANY TRADE OR BUSINESS THAT IS COMMERCIAL CANNABIS ACTIV- ITY BY A LICENSEE. (B) FOR THE PURPOSES OF THIS SECTION, THE FOLLOWING DEFINITIONS SHALL APPLY: (1)"COMMERCIAL CANNABIS ACTIVITY" INCLUDES THE CULTIVATION, POSSESSION, MANUFACTURE, DISTRIBUTION, PROCESSING, STORING, LABORATORY TESTING, PACKAGING, LABELING, TRANSPORTATION, DELIVERY, OR SALE OF CANNABIS AND CANNABIS PRODUCTS, OR ACTING AS THE HOLDER OF AN ADULT-USE ON-SITE CONSUMPTION LICENSE PURSUANT TO ARTICLE FOUR OF THE CANNABIS LAW. (2) "LICENSEE" SHALL HAVE THE SAME MEANING AS DEFINED IN SECTION THREE OF THE CANNABIS LAW. § 2. This act shall take effect on the same date and in the same manner as section 39 of chapter 92 of the laws of 2021, takes effect, and shall expire January 1, 2025 when upon such date the provisions of this act shall be deemed repealed. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD13586-01-1
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