Bill > S07838

This bill establishes a tax credit for cannabis processors in New York for the 2023 calendar year. Specifically, licensed processors who produced concentrated cannabis or cannabis edible products sold to licensed retailers can receive a refundable tax credit equivalent to their cannabis potency tax liability for 2023, multiplied by three, but capped at $400,000. To qualify, processors must file returns showing their cannabis potency tax due in 2023, and any outstanding tax owed will be deducted from the credit. For partnerships or S corporations, the total credit across all partners or shareholders is also limited to $400,000. The bill defines key terms such as "licensed processor" (a taxpayer registered to produce cannabis products), "licensed retailer" (as defined in cannabis law), and "cannabis potency tax" (a specific tax imposed under the state tax law). The tax credit will take effect for taxable years beginning on or after January 1, 2025, providing financial relief to cannabis processors in the state.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S7838