|Assembly Actions - Lowercase
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
Current Bill Status - In Senate Committee Rules Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S7518 (ACTIVE) - Details
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.
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
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
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.