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.
Impact
The introduction of A08233 may significantly influence state laws related to the taxation of cannabis processors. By providing a tax credit, the bill could alleviate financial pressures on licensed processors and promote growth within the legal cannabis market. Following the legalization of recreational cannabis in New York, this bill might align more processors with state regulations, encouraging compliance and operational stability in this burgeoning industry.
Summary
Bill A08233 aims to establish a cannabis processor tax credit in New York, targeting licensed processors who produce concentrated cannabis or cannabis edible products sold to retailers during the calendar year. The bill outlines that a licensed processor may claim a refundable tax credit equivalent to three times their cannabis potency tax liability for the year 2023, with the total credit not exceeding four hundred thousand dollars. This bill is essentially designed to provide financial relief to those involved in the cannabis processing sector amidst higher tax burdens due to the cannabis potency tax.
Contention
However, the bill could fuel discussions regarding the implications of tax incentives for commercial cannabis endeavors. Supporters argue that such credits are essential for stabilizing a nascent industry that still faces consequences from previous prohibition policies, while opponents may view this as an unfair subsidy or an ineffective measure that fails to address broader issues within the cannabis marketplace, such as the potential for monopolies or disproportionate benefits to larger processors over small operators.
Same As
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.
Enacts the graduate outreach assistance law to exempt from state income taxation the first two hundred fifty thousand dollars, with a fifty thousand dollar cap per year, earned by a four-year college graduate and the first one hundred fifty thousand dollars, with a twenty-five thousand dollar cap per year, earned by a two-year college graduate.
Provides that for the two thousand twenty-four--two thousand twenty-five school year, the two thousand twenty-five--two thousand twenty-six school year, and the two thousand twenty-six--two thousand twenty-seven school year, surplus funds as used in this subdivision shall mean any operating funds in excess of five percent of the current school year budget, and shall not include funds properly retained under other sections of law.
Relates to providing hazard payments to essential workers during a state disaster emergency; provides that certain employers shall make hazard payments to essential workers during a state disaster emergency provided no hazard payment shall exceed twenty-five thousand dollars in any year for any essential worker earning less than two hundred thousand dollars per year or five thousand dollars for any essential worker earning more than two hundred thousand dollars.
Establishes a tax credit for individuals who serve or are employed as a direct support professional, or direct care worker, up to five thousand dollars for taxpayers who make less than fifty thousand dollars and phased out for individuals who make over one hundred thousand dollars.
Establishes a tax credit for individuals who serve or are employed as a direct support professional, or direct care worker, up to five thousand dollars for taxpayers who make less than fifty thousand dollars and phased out for individuals who make over one hundred thousand dollars.
Provides for apportionment for charter school tuition payments for any school district that is required to pay tuition to charter schools in the two thousand twenty-three-two thousand twenty-four school year and thereafter.