New York A 8233: Relates to the state and municipal facilities program

Bill Text

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A08233 Summary:

BILL NOA08233 

&nbsp

SAME ASSAME AS S07838

&nbsp

SPONSORStirpe

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Add §496-f, Tax L

&nbsp

Establishes a cannabis processor tax credit; authorizes a tax credit that is the equivalent to the licensed processor's cannabis potency tax liability for the year two thousand twenty-three, multiplied by three, but shall not exceed four hundred thousand dollars.

Go to top A08233 Actions:

BILL NOA08233 

&nbsp

05/05/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA08233 Committee&nbspVotes:

Go to topA08233 Floor&nbspVotes:

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

Go to topA08233 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 8233

 2025-2026 Regular Sessions

 IN ASSEMBLY

 May 5, 2025
 ___________

 Introduced by M. of A. STIRPE -- read once and referred to the Committee
 on Ways and Means

 AN ACT to amend the tax law, in relation to establishing a cannabis
 processor tax credit

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

 1 Section 1. The tax law is amended by adding a new section 496-f to
 2 read as follows:
 3 § 496-f. Cannabis processor credit. (a) Definitions. For the purposes
 4 of this section, the following definitions shall apply:
 5 (1) "licensed processor" shall mean a taxpayer subject to tax under
 6 article nine-A or twenty-two of this chapter, that is registered pursu-
 7 ant to this article, and that produced concentrated cannabis or cannabis
 8 edible products sold to at least one licensed retailer during calendar
 9 year two thousand twenty-three;
 10 (2) "licensed retailer," shall have the same meaning as the term
 11 "retailer" as defined in section three of the cannabis law; and
 12 (3) "cannabis potency tax" shall mean the tax imposed by subdivision
 13 (a) of section four hundred ninety-three of this article.
 14 (b) Cannabis processor tax credit authorized. A licensed processor
 15 shall be allowed a refundable credit against the cannabis potency tax in
 16 the amount specified in subdivision (c) of this section.
 17 (c) Calculation of tax credit. (1) The amount of the tax credit
 18 authorized in subdivision (b) of this section per taxpayer shall be
 19 equivalent to the licensed processor's cannabis potency tax liability
 20 for the year two thousand twenty-three, multiplied by three, but shall
 21 not exceed four hundred thousand dollars. If the licensed processor is a
 22 partnership or New York S corporation, the aggregate credit allowed to
 23 all partners or shareholders of such entity shall not exceed four
 24 hundred thousand dollars.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD11880-01-5

 A. 8233 2

 1 (2) No licensed processor shall receive this tax credit unless the
 2 licensed processor files or has filed returns showing the amount of
 3 cannabis potency tax due in calendar year two thousand twenty-three.
 4 (3) Any outstanding cannabis potency tax owed by the licensed process-
 5 or shall be deducted from the tax credit before application or disburse-
 6 ment.
 7 § 2. This act shall take effect immediately and shall apply to taxable
 8 years beginning on or after January 1, 2025.

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