NY A08233Introducedas of 2025-05-05
Establishes 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.
Plain-English summary
What happened: A New York bill referred to the Ways and Means committee would establish a tax credit for licensed cannabis processors equal to up to three times their 2023 cannabis potency tax liability, capped at $400,000.
Why it matters: A retroactive potency tax credit would provide financial relief to licensed processors that incurred significant tax liability in 2023, potentially improving their economic viability.
Affects: cultivators
LATEST ACTION: referred to ways and means
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