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Bill > S07508
NY S07508
NY S07508Permits certain tax deductions related to the sale, production, or distribution of cannabis products.
summary
Introduced
06/02/2023
06/02/2023
In Committee
06/05/2023
06/05/2023
Crossed Over
06/08/2023
06/08/2023
Passed
11/13/2023
11/13/2023
Dead
Signed/Enacted/Adopted
11/17/2023
11/17/2023
Introduced Session
2023-2024 General Assembly
Bill Summary
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
AI Summary
This bill amends the administrative code of the City of New York to permit certain tax deductions related to the sale, production, or distribution of cannabis products. Specifically, it allows businesses authorized under the Cannabis Law to deduct any federal deduction disallowed under Section 280E of the Internal Revenue Code related to the sale, production, or distribution of adult-use cannabis products or medical cannabis. This deduction can be used as long as it is not used as the basis for any other tax deduction, exemption, or credit and is not otherwise required to be added back in computing the entire net income. The bill applies to tax years beginning on or after January 1, 2022.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
SIGNED CHAP.671 (on 11/17/2023)
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/2023/S7508 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=S07508&term=2023&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S07508 |
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