New York S 7838: Establishes a cannabis processor tax credit

Bill Text

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S07838 Summary:

BILL NOS07838 

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SAME ASSAME AS A08233

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SPONSORRYAN C

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COSPNSR

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MLTSPNSR

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Add §496-f, Tax L

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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 S07838 Actions:

BILL NOS07838 

&nbsp

05/09/2025REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

01/07/2026REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

Go to topS07838 Committee&nbspVotes:

Go to topS07838 Floor&nbspVotes:

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

Go to topS07838 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7838

 2025-2026 Regular Sessions

 IN SENATE

 May 9, 2025
 ___________

 Introduced by Sen. C. RYAN -- read twice and ordered printed, and when
 printed to be committed to the Committee on Investigations and Govern-
 ment Operations

 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

 S. 7838 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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