Bloomberg Tax
April 7, 2022, 6:35 PM

New York Pot Companies Get New Tax Break From State Budget (1)

Keshia Clukey
Keshia Clukey
Bloomberg Law
Tiffany Kary
Tiffany Kary
Bloomberg News

New York’s marijuana producers and distributors are poised to get a tax break in the state budget that could give them an edge over pot companies in the rest of the U.S.

The language was included in one of 10 bills unveiled Thursday as New York Governor Kathy Hochul tries to forge a budget deal with Democratic legislative leaders. The fiscal 2023 budget is now seven days past its April 1 due date.

U.S. tax law prohibits companies that sell an illegal substance from taking tax deductions, under a provision known as 280E. Cannabis companies have long complained that this ...

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