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ListenL NY Marijuana
New York Governor Finally Throws Local Marijuana Businesses a Tax Cut Lifeline!
Briefly
• New York Governor Kathy Hochul has signed legislation that provides tax relief to marijuana businesses in New York City, granting them the same deductions as other businesses.
• The Senate and Assembly sent the proposed legislation to Gov. Hochul, who signed it into law.
• This bill adds deductions for business expenses to the city’s tax code so cannabis businesses can get a break.
• This reform supports New York City Mayor Eric Adams and is one of many examples nationwide of lawmakers getting creative with tax reforms for the cannabis industry.
• Give credit to Gov. Hochul for providing much-needed tax relief to NYC’s marijuana businesses.
In a stunning act of generosity, New York Governor Kathy Hochul has signed legislation that provides tax relief to marijuana businesses in New York City. These poor entrepreneurs have been suffering under a federal tax code that denies them the same deductions as other businesses. But fear not, the governor has come to their rescue!
After months of debating and passing bills, the Senate and Assembly finally got their acts together and sent the proposed legislation to Gov. Hochul. And what do you know, she signed it into law! It’s like a real-life happy ending.
You see, last year, Hochul did sign a budget bill that allowed state-level cannabis businesses to deduct some taxes. But the poor folks in New York City were left out. They had their tax laws that didn’t budge. But fear not, again because this new measure is here to save the day!
The bill adds deductions for business expenses to the city’s tax code so these marijuana businesses can finally get a break. It’s only fair. After all, they’re just like any other legitimate business and deserve to be treated as such.
And hey, guess what? This reform legislation even supports New York City Mayor Eric Adams! It’s always great when lawmakers find common ground, especially when it benefits those who need it most.
But let’s not forget that this is just one of many examples nationwide. Lawmakers in different states have been getting creative with tax reforms for the cannabis industry. They’re finding ways to give these businesses the relief they need while they wait for the federal government to catch up.
So give a round of applause to Gov. Hochul for stepping up and providing much-needed tax relief to New York City’s marijuana businesses. It’s about time they caught a break.