|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Feb 15, 2023||referred to budget and revenue|
senate Bill S4831
Current Bill Status - In Senate Committee Budget And Revenue Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S4831 (ACTIVE) - Details
- See Assembly Version of this Bill:
- Current Committee:
- Senate Budget And Revenue
- Law Section:
- Tax Law
- Laws Affected:
- Rpld §492 sub (k), amd §§493, 494 & 496, Tax L
S4831 (ACTIVE) - Summary
Increases the tax from nine to sixteen percent of the amount charged for the sale or transfer of adult-use cannabis products to a retail customer; removes requirements that records reflect the total amount of THC content of the adult-use cannabis products sold to or produced by persons who sell such products; makes related provisions.
S4831 (ACTIVE) - Sponsor Memo
BILL NUMBER: S4831 SPONSOR: COONEY TITLE OF BILL: An act to amend the tax law, in relation to the imposition of taxes, registration and records of the sale of cannabis; and to repeal certain provisions of such law relating thereto SUMMARY OF PROVISIONS: Section 1 repeals subdivision k of section 492 of the tax law. Section 2 amends section 493 of the tax law to: * Repeal the potency tax on adult-use cannabis products; and * Increases the excise tax on adult-use cannabis products from nine to sixteen percent. Section 3 amends section 494 of the tax law to make corresponding chang- es.
S4831 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4831 2023-2024 Regular Sessions I N S E N A T E February 15, 2023 ___________ Introduced by Sen. COONEY -- read twice and ordered printed, and when printed to be committed to the Committee on Budget and Revenue AN ACT to amend the tax law, in relation to the imposition of taxes, registration and records of the sale of cannabis; and to repeal certain provisions of such law relating thereto THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision (k) of section 492 of the tax law is REPEALED. § 2. Section 493 of the tax law, as added by chapter 92 of the laws of 2021, is amended to read as follows: § 493. Imposition of tax. (a) [There is hereby imposed a tax on adult-use cannabis products sold by a distributor to a person who sells adult-use cannabis products at retail at the following rates: (1) cannabis flower at the rate of five-tenths of one cent per milli- gram of the amount of total THC, as reflected on the product label; (2) concentrated cannabis at the rate of eight-tenths of one cent per milligram of the amount of total THC, as reflected on the product label; and (3) cannabis edible product at the rate of three cents per milligram of the amount of total THC, as reflected on the product label. This tax shall accrue at the time of such sale or transfer. Where a person who distributes adult-use cannabis is licensed under the cannabis law as a microbusiness or registered organization, such person shall be liable for the tax, and such tax shall accrue at the time of the retail sale. (b)] In addition to any other tax imposed by this chapter or other law, there is hereby imposed a tax of [nine] SIXTEEN percent of the amount charged for the sale or transfer of adult-use cannabis products to a retail customer by a person who sells adult-use cannabis products at retail. This tax is imposed on the person who sells adult-use canna- bis at retail and shall accrue at the time of such sale or transfer. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD08127-02-3 S. 4831 2
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