S04831 Summary:

BILL NOS04831B
 
SAME ASNo Same As
 
SPONSORCOONEY
 
COSPNSRCOMRIE, RAMOS, ROLISON
 
MLTSPNSR
 
Amd §§493 & 496-b, Tax L
 
Relates to the amount of tax charged for the sale or transfer of adult-use cannabis products to a retail customer; makes related provisions.
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S04831 Actions:

BILL NOS04831B
 
02/15/2023REFERRED TO BUDGET AND REVENUE
01/03/2024REFERRED TO BUDGET AND REVENUE
02/20/2024AMEND (T) AND RECOMMIT TO BUDGET AND REVENUE
02/20/2024PRINT NUMBER 4831A
02/21/2024AMEND (T) AND RECOMMIT TO BUDGET AND REVENUE
02/21/2024PRINT NUMBER 4831B
02/27/2024REPORTED AND COMMITTED TO FINANCE
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S04831 Committee Votes:

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S04831 Floor Votes:

There are no votes for this bill in this legislative session.
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S04831 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         4831--B
 
                               2023-2024 Regular Sessions
 
                    IN SENATE
 
                                    February 15, 2023
                                       ___________
 
        Introduced  by  Sens.  COONEY,  COMRIE,  RAMOS -- read twice and ordered
          printed, and when printed to be committed to the Committee  on  Budget
          and  Revenue  -- recommitted to the Committee on Budget and Revenue in
          accordance with Senate Rule 6, sec. 8 --  committee  discharged,  bill
          amended,  ordered reprinted as amended and recommitted to said commit-
          tee --  committee  discharged,  bill  amended,  ordered  reprinted  as
          amended and recommitted to said committee
 
        AN  ACT  to amend the tax law, in relation to the imposition of taxes on
          the sale of cannabis
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1.  Section 493 of the tax law, as added by chapter 92 of the
     2  laws of 2021, is amended to read as follows:
     3    § 493. Imposition of tax. (a) There is hereby imposed a tax on  adult-
     4  use  cannabis  products  sold  by  a  distributor  to a person who sells
     5  adult-use cannabis products at retail at the [following rates:
     6    (1) cannabis flower at the rate of five-tenths of one cent per  milli-
     7  gram of the amount of total THC, as reflected on the product label;
     8    (2)  concentrated cannabis at the rate of eight-tenths of one cent per
     9  milligram of the amount of total THC, as reflected on the product label;
    10  and
    11    (3) cannabis edible product at the rate of three cents  per  milligram
    12  of  the amount of total THC, as reflected on the product label. This tax
    13  shall accrue at the time of such sale or transfer. Where] rate  of:  (1)
    14  five  percent  of  the  amount  charged for the sale or transfer of such
    15  adult-use cannabis products to such retailer for tax years ending before
    16  January first, two thousand  twenty-eight;  (2)  seven  percent  of  the
    17  amount  charged  for  the  sale  or  transfer of such adult-use cannabis
    18  products to such retailer for tax years beginning on  or  after  January
    19  first,  two  thousand  twenty-eight  and ending before January first two
    20  thousand thirty-one; and (3) nine percent of the amount charged for  the
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08127-05-4

        S. 4831--B                          2
 
     1  sale  or  transfer  of such adult-use cannabis products to such retailer
     2  for tax years beginning on or after January first, two thousand  thirty-
     3  one;  provided that where a person who distributes adult-use cannabis is
     4  licensed  under the cannabis law as a microbusiness or registered organ-
     5  ization and such person sells adult-use  cannabis  products  at  retail,
     6  such  person  shall  be liable for the tax, and such tax shall accrue at
     7  the time of the retail sale, and the amount subject to the  tax  imposed
     8  by  this subdivision shall be seventy-five percent of the amount charged
     9  by such person for the sale or transfer of such  products  to  a  retail
    10  customer.
    11    (b) In addition to any other tax imposed by this chapter or other law,
    12  there  is hereby imposed a tax of nine percent of the amount charged for
    13  the sale or transfer of adult-use cannabis products to a retail customer
    14  by a person who sells adult-use cannabis products at retail. This tax is
    15  imposed on the person who sells adult-use cannabis at retail  and  shall
    16  accrue at the time of such sale or transfer.
    17    (c)  In  addition  to the taxes imposed by subdivisions (a) and (b) of
    18  this section, there is hereby imposed a tax on the sale or  transfer  of
    19  adult-use  cannabis  products to a retail customer by a person who sells
    20  adult-use cannabis products at retail at the rate of four percent of the
    21  amount charged by such person for such adult-use cannabis product, which
    22  tax shall accrue at the time of such sale or transfer. The  tax  imposed
    23  by  this subdivision is imposed on a person who sells adult-use cannabis
    24  products at retail, and shall be paid to the commissioner in  trust  for
    25  and  on  account of a city having a population of a million or more, and
    26  counties (other  than  counties  wholly  within  such  a  city),  towns,
    27  villages, and cities with a population of less than a million in which a
    28  retail dispensary is located.
    29    (d)  The  taxes  imposed  by  this section shall not apply to sales of
    30  adult-use cannabis to a person holding a cannabis research license under
    31  section thirty-nine of the cannabis law.
    32    § 2. Subdivision (a) of section 496-b of the  tax  law,  as  added  by
    33  chapter 92 of the laws of 2021, is amended to read as follows:
    34    (a) The provisions of part four of article [twenty-seven] twenty-eight
    35  of this chapter shall apply to the taxes imposed by section four hundred
    36  ninety-three  of this article in the same manner and with the same force
    37  and effect as if the language of such article had been  incorporated  in
    38  full  into this section and had expressly referred to the tax imposed by
    39  this article, except to the extent that any provision of such article is
    40  either inconsistent with a provision of this article or is not  relevant
    41  to this article.
    42    §  3.  This act shall take effect immediately; provided, however, that
    43  section one of this act shall  apply  to  sales  of  adult-use  cannabis
    44  products  on  or  after  June  1,  2024;  and provided further, however,
    45  section two of this act shall  apply  to  sales  of  adult-use  cannabis
    46  products on or after December 1, 2024.
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