New York S07838 establishes a tax credit for cannabis processors, up to $400,000.

New York S07838 amends the tax law to establish a cannabis processor tax credit. This credit is equivalent to the processor's cannabis potency tax liability for 2023, multiplied by three, but cannot exceed $400,000. To qualify, the processor must file returns showing the cannabis potency tax due for 2023. Any outstanding tax owed will be deducted from the credit before it is applied or disbursed. The credit applies to taxable years starting on or after January 1, 2025.

New York S07838 establishes a tax credit for cannabis processors, up to $400,000.

New York S07838 amends the tax law to establish a cannabis processor tax credit. This credit is equivalent to the processor's cannabis potency tax liability for 2023, multiplied by three, but cannot exceed $400,000. To qualify, the processor must file returns showing the cannabis potency tax due for 2023. Any outstanding tax owed will be deducted from the credit before it is applied or disbursed. The credit applies to taxable years starting on or after January 1, 2025.