Bill
Bill > S07518
NY S07518
NY S07518Permits deductions for commercial cannabis activity including the cultivation, possession, manufacture, distribution, processing, storing, laboratory testing, packaging, labeling, transportation, delivery, or sale of cannabis and cannabis products, or acting as the holder of an adult-use on-site consumption license.
summary
Introduced
11/12/2021
11/12/2021
In Committee
01/05/2022
01/05/2022
Crossed Over
Passed
Dead
12/31/2022
12/31/2022
Introduced Session
2021-2022 General Assembly
Bill Summary
Permits deductions for commercial cannabis activity including the cultivation, possession, manufacture, distribution, processing, storing, laboratory testing, packaging, labeling, transportation, delivery, or sale of cannabis and cannabis products, or acting as the holder of an adult-use on-site consumption license.
AI Summary
This bill permits deductions for commercial cannabis activity, including the cultivation, possession, manufacture, distribution, processing, storing, laboratory testing, packaging, labeling, transportation, delivery, or sale of cannabis and cannabis products, or acting as the holder of an adult-use on-site consumption license. This exemption from the federal tax code's prohibition on deductions related to the illegal sale of drugs applies for taxable years starting from January 1, 2022, to December 31, 2024, after which the provisions of the bill will be repealed.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
REFERENCE CHANGED TO BUDGET AND REVENUE (on 01/07/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nysenate.gov/legislation/bills/2021/S7518 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=S07518&term=2021&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S07518 |
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