senate Bill S7518

2021-2022 Legislative Session

Permits deductions for commercial cannabis activity

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Rules Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (3)
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

S7518 (ACTIVE) - Details

See Assembly Version of this Bill:
A8808
Current Committee:
Senate Rules
Law Section:
Tax Law
Laws Affected:
Add §493-a, Tax L

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

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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