Sign up for our daily Newsletter and stay up to date with all the latest news!

Subscribe I am already a subscriber

Sign up for our daily Newsletter and stay up to date with all the latest news!

Subscribe I am already a subscriber

US (NY): State Senate approves new tax laws

The Cannabis Excise Tax Payment Schedule Reform bill has passed the State Senate. The bill would remedy a misalignment between the tax collection cycle and the time it takes for cultivators and processors to collect their money from retailers.

Distributors are able to give retailers 30 days to pay their taxes, but operators have to file and pay their taxes within 20 days of the end of each quarter.

When that happens, operators end up fronting the tax bill for roughly 35% of the sales in that quarter, according to Nicolas Guarino, CEO of cannabis producer Jaunty. The proposed legislation would allow tax forms to be filed up to 50 days after each quarter ends.

The bill will still have to pass the State Assembly and be signed into law by Gov. Kathy Hochul.

Read more at The Buffalo News