Bill
Bill > A07692
NY A07692
NY A07692Permits certain tax deductions related to the sale, production, or distribution of cannabis products.
summary
Introduced
06/06/2023
06/06/2023
In Committee
06/08/2023
06/08/2023
Crossed Over
Passed
Dead
12/31/2024
12/31/2024
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 permits certain tax deductions related to the sale, production, or distribution of cannabis products, both adult-use and medical, in New York City. Specifically, it allows businesses authorized under the Cannabis Law to deduct any federal deductions disallowed under Section 280E of the Internal Revenue Code, related to such cannabis activities, when computing their entire net income for city tax purposes. The bill applies to tax years beginning on or after January 1, 2022.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
substituted by s7508 (on 06/08/2023)
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/A7692 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=A07692&term=2023&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A07692 |
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