New York A 2580: Provides for an angel investor income tax credit

Bill Text

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A02580 Summary:

BILL NOA02580 

&nbsp

SAME ASNo Same As

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SPONSORBrown K

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COSPNSRBrown E, Manktelow, McDonough, Hawley, DeStefano

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MLTSPNSR

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Add §140, amd §10, Cannabis L; amd §8, St Fin L; amd §63, Exec L

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Requires the state comptroller, the attorney general and independent certified public accountants to conduct an annual audit of the office of cannabis management.

Go to top A02580 Actions:

BILL NOA02580 

&nbsp

01/17/2025referred to governmental operations

01/07/2026referred to governmental operations

03/04/2026enacting clause stricken

Go to topA02580 Committee&nbspVotes:

Go to topA02580 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA02580 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 2580

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 17, 2025
 ___________

 Introduced by M. of A. K. BROWN -- read once and referred to the Commit-
 tee on Governmental Operations

 AN ACT to amend the cannabis law, the state finance law and the execu-
 tive law, in relation to requiring the state comptroller and the
 attorney general to conduct an annual audit of the office of cannabis
 management

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The cannabis law is amended by adding a new section 140 to
 2 read as follows:
 3 § 140. Independent audit of the office of cannabis management. 1. At
 4 least once every year, the comptroller, the attorney general and the
 5 independent certified public accountants selected pursuant to this
 6 section shall conduct audits of the internal controls of the office of
 7 cannabis management. Such audits shall be performed in accordance with
 8 generally accepted government auditing standards and shall include a
 9 report on whether the office's internal controls are established and
 10 functioning in a manner that provides reasonable assurance that they
 11 meet the objectives of internal control as defined in section nine
 12 hundred fifty of the executive law. The report shall identify the inter-
 13 nal controls both evaluated and not evaluated and shall identify inter-
 14 nal control weaknesses that have not been corrected and actions that are
 15 recommended to correct these weaknesses. If any such internal control
 16 weaknesses are significant or material with respect to such departments,
 17 the independent auditors shall so state. The comptroller and the attor-
 18 ney general shall make available to the public the results of such
 19 audits, including any related management letters. The comptroller and
 20 attorney general and any officer or employee of such departments shall
 21 make available upon request to such independent certified public
 22 accountants all books and records relevant to such independent audits.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD03093-01-5

 A. 2580 2

 1 2. The comptroller and the attorney general shall request proposals
 2 from independent certified public accountants for audits of the internal
 3 controls of their respective departments. The requests for proposals
 4 shall include a reference to the requirements for audits conducted
 5 pursuant to subdivision one of this section. The comptroller and attor-
 6 ney general shall select such independent auditors in accordance with a
 7 competitive procedure including an evaluation, based on quality and
 8 price factors, of those proposals received in response to such requests
 9 for proposals.
 10 3. Whenever the comptroller or the comptroller's appointee is a member
 11 of any board, commission, committee, council, or corporation, which
 12 constitutes a state agency, the governing body of such board, commis-
 13 sion, committee, council, or corporation shall select an independent
 14 auditor for the purpose of conducting audits of internal controls in
 15 accordance with this section.
 16 § 2. Section 10 of the cannabis law is amended by adding a new subdi-
 17 vision 17-a to read as follows:
 18 17-a. Shall make available upon request to the state comptroller, the
 19 attorney general and the independent certified public accountants
 20 completing an