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A10196 Summary:

BILL NOA10196
 
SAME ASSAME AS S09359
 
SPONSORRules (Lupardo)
 
COSPNSRStirpe, Peoples-Stokes
 
MLTSPNSR
 
Amd §495, Tax L
 
Authorizes distributors of cannabis products to file electronic returns annually instead of quarterly.
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A10196 Actions:

BILL NOA10196
 
05/10/2024referred to ways and means
05/28/2024reported referred to rules
05/30/2024reported
05/30/2024rules report cal.289
05/30/2024ordered to third reading rules cal.289
05/30/2024passed assembly
05/30/2024delivered to senate
05/30/2024REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
06/06/2024SUBSTITUTED FOR S9359
06/06/20243RD READING CAL.1898
06/06/2024PASSED SENATE
06/06/2024RETURNED TO ASSEMBLY
12/12/2024delivered to governor
12/21/2024vetoed memo.124
12/23/2024tabled
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A10196 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
 
BILL NUMBER: A10196
 
SPONSOR: Rules (Lupardo)
  TITLE OF BILL: An act to amend the tax law, in relation to authorizing distributors of cannabis products to file annual returns electronically   PURPOSE OR GENERAL IDEA OF BILL: The purpose of this legislation is to allow the cannabis excise tax to be paid annually rather than quarterly.   SUMMARY OF PROVISIONS: Section 1: Subdivision (a) of section 495 of the tax law is amended. Section 2: Establishes the effective date.   JUSTIFICATION: Under current law, the cannabis excise tax is paid quarterly by cannabis cultivators and processors to the NYS Department of Taxation and Finance. This excise tax payment schedule creates situations where prod- uct producers and processors often owe taxes before the product is sold to consumers. This legislation changes the tax collection payment sched- ule by allowing the payment annually rather than quarterly, similar to what is now allowed for the alcohol excise tax. The slow opening of cannabis dispensaries, due to multiple factors, has created a backlog of products on processors shelves, which have yet to be sent or sold to retailers, yet the tax is still owed. Another factor creating stress on the processor's ability to pay the excise tax, is that some retail dispensaries are delinquent in paying for products they have received . There is a prompt payment provision in the cannabis law, but, due to many factors the provision is not being enforced. By allow- ing the tax to be collected annually it will allow flexibility in the market as it matures and provides a financial lifeline to currently struggling producers and processors.   PRIOR LEGISLATIVE HISTORY: This is new legislation.   FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
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