Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Nov 17, 2023 |
signed chap.671 |
Nov 13, 2023 |
delivered to governor |
Jun 08, 2023 |
returned to senate passed assembly ordered to third reading rules cal.745 substituted for a7692 |
Jun 05, 2023 |
referred to ways and means delivered to assembly passed senate ordered to third reading cal.1602 |
Jun 02, 2023 |
referred to rules |
Senate Bill S7508
Signed By Governor2023-2024 Legislative Session
Sponsored By
(D) 32nd Senate District
Current Bill Status - Signed by Governor
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
2023-S7508 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A7692
- Law Section:
- New York City Administrative Code
- Laws Affected:
- Amd §§11-506, 11-602 & 11-652, NYC Ad Cd
2023-S7508 (ACTIVE) - Sponsor Memo
BILL NUMBER: S7508 SPONSOR: SEPULVEDA TITLE OF BILL: An act to amend the administrative code of the city of New York, in relation to permitting certain tax deductions related to the sale, production, or distribution of cannabis products SUMMARY OF PROVISIONS: This bill would allow a deduction for business expenses, incurred by taxpayers authorized by the Cannabis Law to engage in the sale, distrib- ution, or production of adult-use cannabis products or medical cannabis, for purposes of the unincorporated business tax ("UBT"), the general corporation tax ("GCT"), and the corporate tax of 2015, commonly referred to as the business corporation tax ("BCT"). Section one of the bill would add a new paragraph to subdivision (c) of section 11-506 of the Administrative Code of the City of New York ("Administrative Code") to allow a deduction under the UBT in an amount equal to any federal deduction disallowed by section 280E of the inter- nal revenue code ("IRC").
2023-S7508 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7508 2023-2024 Regular Sessions I N S E N A T E June 2, 2023 ___________ Introduced by Sen. SEPULVEDA -- (at request of the NYC Finance) -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to amend the administrative code of the city of New York, in relation to permitting certain tax deductions related to the sale, production, or distribution of cannabis products THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision (c) of section 11-506 of the administrative code of the city of New York is amended by adding a new paragraph 13 to read as follows: (13) FOR BUSINESSES AUTHORIZED PURSUANT TO THE CANNABIS LAW TO ENGAGE IN THE SALE, PRODUCTION, OR DISTRIBUTION OF (A) ADULT-USE CANNABIS PRODUCTS, AS DEFINED IN ARTICLE TWENTY-C OF THE TAX LAW, OR (B) MEDICAL CANNABIS, AS DEFINED IN SECTION THREE OF THE CANNABIS LAW, THE AMOUNT OF ANY FEDERAL DEDUCTION DISALLOWED PURSUANT TO SECTION TWO HUNDRED EIGHT- Y-E OF THE INTERNAL REVENUE CODE RELATED TO THE SALE, PRODUCTION, OR DISTRIBUTION OF SUCH ADULT-USE CANNABIS PRODUCTS OR SUCH MEDICAL CANNA- BIS NOT USED AS THE BASIS FOR ANY OTHER TAX DEDUCTION, EXEMPTION, OR CREDIT AND NOT OTHERWISE REQUIRED TO BE ADDED BACK BY SUBDIVISION (B) OF THIS SECTION IN COMPUTING ENTIRE NET INCOME. § 2. Paragraph (a) of subdivision 8 of section 11-602 of the adminis- trative code of the city of New York is amended by adding a new subpara- graph 17 to read as follows: (17) FOR TAXPAYERS AUTHORIZED PURSUANT TO THE CANNABIS LAW TO ENGAGE IN THE SALE, PRODUCTION, OR DISTRIBUTION OF (I) ADULT-USE CANNABIS PRODUCTS, AS DEFINED IN ARTICLE TWENTY-C OF THE TAX LAW, OR (II) MEDICAL CANNABIS, AS DEFINED IN SECTION THREE OF THE CANNABIS LAW, THE AMOUNT OF ANY FEDERAL DEDUCTION DISALLOWED PURSUANT TO SECTION TWO HUNDRED EIGHT- Y-E OF THE INTERNAL REVENUE CODE RELATED TO THE SALE, PRODUCTION, OR DISTRIBUTION OF SUCH ADULT-USE CANNABIS PRODUCTS OR SUCH MEDICAL CANNA- EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD11715-01-3
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