Bill > S03261

This bill amends the New York tax law to provide cannabis product distributors with the option to file their tax returns annually instead of quarterly. Currently, distributors are required to file electronically with the tax commissioner every three months (on the 20th day after February, May, August, and November), reporting their total tax due and other required information. Under the new provision, distributors can choose to file a single annual electronic return before the 20th day of January for the entire previous calendar year, as prescribed by the tax commissioner. This change offers cannabis product distributors more flexibility in their tax reporting, potentially reducing administrative burden by allowing them to consolidate their annual tax reporting into one submission instead of four quarterly filings. The bill takes effect immediately upon enactment.

Budget and Finance, Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S3261