Establishes a tax credit for cannabis processors in New York for 2023.
The bill establishes a cannabis processor tax credit in New York. It authorizes a tax credit for licensed cannabis processors equivalent to their cannabis potency tax liability for 2023, multiplied by three, but not exceeding $400,000. The credit is refundable and applies to processors who sold edible products to licensed retailers in 2023. The credit is subject to conditions, including filing required tax returns and deducting any outstanding cannabis potency tax before disbursement.
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