Bill
Bill > A08233
NY A08233
NY A08233Establishes 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.
summary
Introduced
05/05/2025
05/05/2025
In Committee
05/05/2025
05/05/2025
Crossed Over
Passed
Dead
Introduced Session
2025-2026 General Assembly
Bill Summary
AN ACT to amend the tax law, in relation to establishing a cannabis processor tax credit
AI Summary
This bill establishes a tax credit for cannabis processors in New York, specifically targeting processors who produced concentrated cannabis or cannabis edible products sold to licensed retailers during the 2023 calendar year. The tax credit is calculated by multiplying the processor's cannabis potency tax liability for 2023 by three, with a maximum credit of $400,000. To be eligible, processors must file returns showing their cannabis potency tax due in 2023, and any outstanding tax owed will be deducted from the credit. The credit applies to taxpayers subject to specific tax articles who are registered cannabis processors, and if the processor is a partnership or S corporation, the aggregate credit for all partners or shareholders cannot exceed $400,000. The bill will take effect immediately but will apply to taxable years beginning on or after January 1, 2025, providing financial relief to cannabis processors in the state.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
referred to ways and means (on 05/05/2025)
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/2025/A8233 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=A08233&term=2025&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A08233 |
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